Loading ...The lower end starter wages were very high at $1.75/hr. Kids just out of high school were buying new cars in 1970. I got out of high school in 1962 and by 1963 had a new car. By 1965 I was married. By 1967 I had two kids. Unions were confounding businesses trying to keep up with inflation. Their media blamed the unions for the inflation caused by dropping the Gold standard after 1971.
Then they created the womans liberation movement to increase the labor supply to lower wages. Then they started us importing cheaper goods and jacked up inflation in interest rates to 21% to get inflation numbers down. Meanwhile, low interest rates of 6% were not the cause of inflation. Imo its over. Those trends can’t go on. They HAVE to raise the starter wage to $40/hr to equal the old $2/hr. That alone would raise all other wages.
P.S. The situation, over time, has caused and created millions of self employed business people that make tons of cash and don’t pay taxes on it. If they were employed by a business instead, they would have no choice and no good deductions.