How many ounces of gold did it take to buy groceries for a week back then versus now?
Comparing with gold is not a good analysis. Gold is a resource that is physically limited and has the tendency to inflate in value as we increase economical output and number of buyers (population). That said there are better metrics to show that, indeed, the minimum wage has been decreasing in real value.
Sorry for the English, it is not my first language.
If we still had the gold standard, minimum wage would be $150/hour? Almost sounds like nonsense.
If the money supply was still pegged to gold, it would either has to have been debased or there wouldn’t even be hard currency available to workers
I don’t understand why people think the gold standard and going back to that is going to help anything. Pegging currency to any physical asset just limits flexibility in monetary policy and distorts valuations.
The really important thing is standard of living. Is the standard of living higher for the average person. Lots of things have improved massively in value. Other things have gotten very expensive. That’s why standard of living is a much more important metric.
Gold prices were being intentionally suppressed by Bretton Woods.
This guy saw a stat and didn’t understand the history or context of that gold price.
An ounce of gold was $35-$43 per oz in 1971.
Pretty foolish to measure changes in the purchasing power of a dollar in terms of just one luxury commodity
Yeah, it’s insane how low workers pay really is today. It’s only as insane as how prices are today.
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How many ounces of gold did it take to buy groceries for a week back then versus now?
Comparing with gold is not a good analysis. Gold is a resource that is physically limited and has the tendency to inflate in value as we increase economical output and number of buyers (population). That said there are better metrics to show that, indeed, the minimum wage has been decreasing in real value.
Sorry for the English, it is not my first language.
If we still had the gold standard, minimum wage would be $150/hour? Almost sounds like nonsense.
If the money supply was still pegged to gold, it would either has to have been debased or there wouldn’t even be hard currency available to workers
I don’t understand why people think the gold standard and going back to that is going to help anything. Pegging currency to any physical asset just limits flexibility in monetary policy and distorts valuations.
The really important thing is standard of living. Is the standard of living higher for the average person. Lots of things have improved massively in value. Other things have gotten very expensive. That’s why standard of living is a much more important metric.
Gold prices were being intentionally suppressed by Bretton Woods.
This guy saw a stat and didn’t understand the history or context of that gold price.
An ounce of gold was $35-$43 per oz in 1971.
Pretty foolish to measure changes in the purchasing power of a dollar in terms of just one luxury commodity
Yeah, it’s insane how low workers pay really is today. It’s only as insane as how prices are today.
With they, you mean other Americans or?
This is why we should tax vacancy
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