$1 an hour full time is 60 ounces of gold. That is 160,000 in todays money. Inflation statistics regurgitated by the imf world bank and wall street are skewed using consumer price index which wails miserably to account for the devaluation of currency due to the increase in circulating currency supply. The price of gold does this perfectly. When nixon ended the gold standard in ‘71 minimum wage had been raised (an eighth time since it was legislated in 1938 at 25¢ an hour or ≈15 ounces of gold)3 years earlier in 1968 to $1.60/hr or $250,000 today.
The price of good stayed constant for 172 years from 1799 when a federal currency was established till 1971 only fluctuating ≈80% from $19 to $35 but in the 53 years since then it has ballooned 7500% to $2650 last i checked. This is in tandem with the amount of us currency printed into circulation. By the end of 1979 gold price was already up over 2000% to just under $800 and in 1981 the usa printed the first trillion. Now we are printing one trillion every 3-4 months.
This is why from 1945-1975 one adult working a full time minimum wage job could support a family of four with enough left over to save for retirement their children’s higher education and go on a modest yearly family vacation. But today it would take both adults working 80 hours per week with overtime at a minimum base pay of double minimum wage or quintuple it if federal minimum wage is the default where you are. Minimum wage since has only increased 450-1300% while corporate executive pay has increased 3300%-16,500% in the same time period.
We draw the line at wages that actually provide people enough to live a life worth living. Minimum wage in 1956 earned 60 ounces of gold a year in 1968 it was raised to $1.60/hr or 95 ounce of gold a year/ $250,000 today this was the 8th time minimum wage was increased since minimum wage was legislated by the fair labor standards act of 1938. Meanwhile today federal minimum wage has not been adjusted in 15 going on 16 years. This is the longest its gone without adjustment in the 86 years of minimum wage. The current inflation statistics regurgitated by wall street the imf and world bank are based on consumer price index which does not take into account the devaluation of currency due to the increase in circulating currency supply. Nixon ended the gold standard jn 1971 and by 1981 the usa had printed its first one trillion dollars. For the first 172 years after the us instituted a national standard currency the price of gold only increased 80% from $19 to $35 but since then its increased 7500% to $2650 meanwhile minimum wage has only increased 450-1300% and corporate executive pay has ballooned 3300%-16,500% so minimum wage value has actually decreased by 84-93% these corporations are literally robbing us all. 2/3 of working people are living paycheck to paycheck with no emergency savings. A majority of Millennials and gen z are on track to never own a home or be able to retire. They will have to work until they are too sick to be able to with the hope that social security still exists in 30-50 years. Retailers already increase prices to account for shrink and they take out massive insurance policies that reimburse them for shrink so the idea that this hurts big box businesses is just ridiculous propaganda