Jefferey Cave
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2013-09-20 08:13:50-0400
- Updated: 2013-09-20 08:13:50-0400
In 1964, inflation adjusted minimum wage (in the US) was $26.21... what changed?
Originally shared by Mark Nussbaum
Shared with: Public,
Joshua Brown
+1'd by:
Jamie Smith
Reshared by:
Noel Yap
Joshua Brown
- 2013-09-20 10:49:38-0400
in 1964 the US was still on the gold standard.
Jefferey Cave
- 2013-09-20 12:58:31-0400
+
Joshua Brown
Sort of... don't forget that American citizens could not exchange their dollars for gold, only international entities could do that.
Jefferey Cave
- 2013-09-20 16:35:31-0400
With 1:1 convertibility (pre-1930) there was significantly less inflation (1% per 100 years?). After convertibility was removed, the inflation really kicked in.
