I’ve made this point before………
Oil price manipulation is responsible. With a large dose of government thrown in.
I try to explain to people that a 5 cent Hershey bar in 1970 has increased in price to $ 1 or so. Did our wages buying power go up?
$75 dollars a week in 1970 buys abject poverty today. People lived on it then.
But oil rules. we needed oil and the Arabs needed weapons. They sell oil, we sell weapons. Raise the price of weapons, raise the price of oil.
Everything revolves around the “black gold”.
For simplistic purposes (for which I deserved to be shot) assume that the cost of government has remained about the same (as has a pack of smokes)(try to keep a straight face). Back in 1964 a pack of cigarettes cost 25¢ and minimum wage was $2.00. If you do the math, one could buy 8 packs of cigarettes for one hours labor. Let’s progress forward to now. Cigarettes are $5.50 a pack. Extend out the 8 packs per hour and we arrive at $44 dollars for an inflation adjusted minimum wage. This calculated wage is more than most people today are making per hour, so it seems pretty absurd.
What we are looking at, is forced inflation by government legislation. Our wages are not increasing, and at the same time, more of what we ha