How Inflation Robs From The Poor
by don - 2021-03-30 17:08:09 ( in education, research) [php version] rebuild
gold price 1970 37.50
min wage 1970 1.65/hr
gold price in 2021 1712.00
multiplier is 45.65
37.50 times 45.65 1712
2021 min wage should be $75/hr
Very good point.
In 1970 we were on the gold standard and a dollar was artificially set
at 1/32 of an oz of gold. In 1973 we went off, and the entire economy
was no longer valued in gold, but petro dollars. In the late 70s, the
billionaire Hunt heirs sought to corner the silver market which drove
gold up to $600 an ounce. In response, the govt raised the margin
requirements bankrupting the Hunts and gold slid to $300 by 1982, but by
1984 stabilized around $400/oz. So if you start with 1984 with a
minimum wage of $3.35 and gold at $400, you get a multiplier of only
4.28. Which gives you a 2021 minimum wage of $14.30/hr.
On 3/29/21 1:15 PM:
but not everything went up as fast as gold and maybe gold was
undervalued before so the multiplier is lower
On Monday, March 29, 2021, 11:13:59 AM ,
wrote:
Wow!
Monday, March 29, 2021 11:08 AM
gold price 1970 = 37.50
min wage 1970 = 1.65/hr
gold price in 2021 = 1712.00
multiplier is 45.65
37.50 times 45.65 = 1712
2021 min wage should be $75/hr
Very good point.
In 1970 we were on the gold standard and a dollar was artificially set
at 1/32 of an oz of gold. In 1973 we went off, and the entire economy
was no longer valued in gold, but petro dollars. In the late 70s, the
billionaire Hunt heirs sought to corner the silver market which drove
gold up to $600 an ounce. In response, the govt raised the margin
requirements bankrupting the Hunts and gold slid to $300 by 1982, but by
1984 stabilized around $400/oz. So if you start with 1984 with a
minimum wage of $3.35 and gold at $400, you get a multiplier of only
4.28. Which gives you a 2021 minimum wage of $14.30/hr.
On 3/29/21 1:15 PM:
but not everything went up as fast as gold and maybe gold was
undervalued before so the multiplier is lower
On Monday, March 29, 2021, 11:13:59 AM ,
wrote:
Wow!
Monday, March 29, 2021 11:08 AM
gold price 1970 = 37.50
min wage 1970 = 1.65/hr
gold price in 2021 = 1712.00
multiplier is 45.65
37.50 times 45.65 = 1712
2021 min wage should be $75/hr
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