American workers are demanding almost $80k a year to take a new job

Re:American workers are demanding almost $80k a year to take... by ekianjo on Monday August 21, 2023 @11:42AM (#37211077)

This all started when the dollar stopped being indexed on gold

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Re:American workers are demanding almost $80k a year to take... by jacoblambda on Monday August 21, 2023 @11:48AM (#37211189)

Not really. The divergence only became meaningful in the 80s which corresponds closer to Reagan's economic reforms and the massive chilling effect on unions that occurred in that period (ex: the 1981 PATCO strike and Reagan's subsequent retaliation).

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Re:American workers are demanding almost $80k a year to take... by slikrick on Monday August 21, 2023 @11:44AM (#37211113)

okay, now explain how those things are in any way related to what's going on

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Re:American workers are demanding almost $80k a year to take... by ekianjo on Tuesday August 22, 2023 @11:45AM (#37224416)

going downhill does not stop

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Re:American workers are demanding almost $80k a year to take... by jedberg on Monday August 21, 2023 @11:49AM (#37211201)

We had inflation before the 1970s.

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Re:American workers are demanding almost $80k a year to take... by WalterBright on Monday August 21, 2023 @11:56AM (#37211321)

The divergence happened in 1914, starting the very next year.

That divergence reached 2:1 around 1929, and (as always happens when currency is inflated while being pegged to something else) a massive correction occurred (the banks collapsed). The response by FDR was to make it illegal to trade dollars for gold.

Then for decades there was the absurd fiction that the dollar was pegged to gold, but of course nobody was allowed to make such a transaction. This continued until the 1970s when that ersatz pegging was repealed.

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