https://en.wikipedia.org/wiki/Plutocracy
photo: US federal minimum wage if it had kept pace with productivity. Also, the real minimum wage.
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What happened in 1971?
I don’t know if it’s directly related, but that is the year Richard Nixon effectively killed the Bretton Woods system and took the US dollar off the gold standard. That move is sometimes blamed, at least in part, for America’s recession and stagflation in the 1970s. If inflation is rising more than the minimum wage, then the “real” minimum wage is dropping.
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