The dollar worth less than 1% of what it was in 71!! Almost 2% a year of the 1971 dollar. So any inflation at all is deadly for those holding the currency.
The dollar worth less than 1% of what it was in 71!! Almost 2% a year of the 1971 dollar. So any inflation at all is deadly for those holding the currency.
Great point!
Consider that in 1964, the minimum wage was $1.25/hour. 5 Quarters, made of Silver and Copper alloy, weighing about an ounce.
0.904 Troy Ounces of Silver, to be precise.
Today's spot price of Silver is $64.33/ounce
That is the equivalent of $58.15 per hour if paid in Silver today.
In my lifetime the value of our labor has been diluted, through endless cycles of money printing, to the point where we now need to earn $120,000 per year to equal the 'real money value' of the minimum wage in 1964.
Let that sink in for a moment.
Wonder why this whole thing has felt like an endless grind?
We all have paid the price - in time, sweat, blood and tears simply trying to keep our financial houses above water and ahead of the crushing inflation, taxes and fees. Federal deficit spending and endless money printing are the direct reason for 2-income households, stressed families, day-care kids, and unaffordable housing.
It's sad beyond word to contemplate the human cost of what these policies have done.
Pray that we can turn this around. Then vote!
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