First of all, the minimum wage in 1972 was $1.60 per hour, not $3.25.
Secondly, you are epitomizing the the old adage, "there are lies, damn lies and then there are statistics." Why don't you use the inflation rate of toilet paper or ice while you are at it, instead of gold and silver?
Agree that min wage was not $3.25.
Because gold and silver are money. $1usd was 0.715oz of silver, or every $1.40usd was 1oz silver.
1oz gold I believe was $35 at the time. They took money off the gold standard and stole our wealth from us through inflation.
Inflation has been around since human history began, regardless of monetary basis. It is a belief system. If people believe gold has value, then it does. People have used salt, drugs, animal pelts, prostitution, beads and trinkets, etc. No matter the basis, prices increase over time
Indeed. Construction workers with experience make more than $20/hr in 2022 and a dad is going to pay his kid at least the same as he pays his lowest paid workers.
The example is poorly chosen and most definitely misleading.
First of all, the minimum wage in 1972 was $1.60 per hour, not $3.25. Secondly, you are epitomizing the the old adage, "there are lies, damn lies and then there are statistics." Why don't you use the inflation rate of toilet paper or ice while you are at it, instead of gold and silver?
Agree that min wage was not $3.25. Because gold and silver are money. $1usd was 0.715oz of silver, or every $1.40usd was 1oz silver. 1oz gold I believe was $35 at the time. They took money off the gold standard and stole our wealth from us through inflation.
Inflation has been around since human history began, regardless of monetary basis. It is a belief system. If people believe gold has value, then it does. People have used salt, drugs, animal pelts, prostitution, beads and trinkets, etc. No matter the basis, prices increase over time
Indeed. Construction workers with experience make more than $20/hr in 2022 and a dad is going to pay his kid at least the same as he pays his lowest paid workers.
The example is poorly chosen and most definitely misleading.