WorkReform

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This is why the economy sucks (europe.pub)

submitted 4 months ago by tfm to c/WorkReform

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[–] FunctionallyLiterate@lemmy.ca 6 points 4 months ago

Which is why they keep Trump propped up - he's a constant source of distraction from what's really going on.

[–] DagwoodIII@piefed.social 5 points 4 months ago

In 1960, US minimum wage was $1.00/hour and the price of the average home was $11,000.00. $1 million was considered a vast fortune.

Lyndon Johnson didn't want to raise taxes, so he started paying for the Vietnam War by printing money. In 1968, Richard Nixon ran as a 'peace candidate' and won. Nixon kept the War going and doubled down on LBJ's inflationary spending.

Things were so bad that Gerald Ford, Nixon's replacement, had to beg people to wear "WIN" buttons [Whip Inflation Now] That didn't work. Jimmy Carter got elected and hired Paul Volker. Carter lost in 1980, but Ronald Reagan kept Volker. It was Carter's plan that stemmed inflation briefly, but then Reagan began doing tax cuts for the rich.

By 1992, "middle class" was two incomes to keep a family of four going, and $1 million was what a rich guy paid for a party.