What Happened in 1971? Wages, Prices and the End of the Gold Standard

What the heck happened in 1971? Productivity and hourly wages always went

up together, but then in 1971, something happened.

Wages began to stagnate while productivity has continued to go up,

and that's

just the start. The price of a Campbell's Soup can

was ten cents for the longest

time, but since 1971, it has skyrocketed to now over $1.20 per

can. And get this, before 1971, it took you around two years to save for a

house, but now it takes seven. The top 1% of earners have continued to

see

their income grow since 1971, but the bottom 90% has not.

And look how many countries have had a banking crisis since 1971.

Since 1971, the US national debt has gone completely

vertical.

Same with healthcare costs, and oddly enough,

we've had a massive growth of

administrators while the amount of physicians has stayed flat.

And just look how the American diet has changed since 1971.

Less beef and potatoes and way more corn and chicken.

This one's crazy.

Look at the global production of vegetable oil since 1971.

Obesity among young children was 5% in 1971, but now it's over

20%. Even the number of prisoners has

skyrocketed since 1971.

Unfortunately, people are getting married later too.

In 1971, the average age was around twenty-three,

but now it's closer to thirty.

The prices of electricity, food, and fruit have all dramatically gone up

since

1971 too. In 1971, President Nixon ended the gold standard,

meaning the US dollar was no longer backed by gold.

And since then, things have gotten a lot worse.

What do you think about all this?

And don't get me started on

shrinkflation.