Loading ...What you say, may be true as they try to keep the past old system going. But I was in manufacturing since 1962. My father and grand fathers were also in manufacturing. Well after 1970 they sold us out.
Foreign competition ruined us, caused lower domestic profits, leading to lower profits and lower wages not keeping up with inflation. Therefore the domestic US gov’t’s “wages” or tax receipts are also lower than inflation.
So now we have a $33 trillion national debt, or lack of tax income, simply because the gov’t is NOT bringing in enough taxes. Note on average most things cost 20 times more than in the 1970s. So the old $2/hr minimum wage should be $40/hr today.
The old $2500 car is $50,000 today. The old millionaire needs $20 million today. The old $40,000 house should be $800,000 today. Many homes are behind the curve at $5oo,000 because the starter wages are too low