it was in the 60's - 70's , I remember it because I thought it was a really low price for gold , it was on the news on tv.
minimum wage was around $2.35 an hour.
less than 10 hours of work at minimum wage would buy you an
ounce of gold.
heres a chart of average prices dating back to 1833
http://www.nma.org/pdf/gold/his_gold_prices.pdf now you would need to work apx 180 hours at minimum wage
$7.25 an hour to buy an ounce of gold at
1323 an ounce.
well that was this afternoon sry its now 1333 an ounce.
that just shows how inflated the dollar has become ever since
the politicians decided that it was better for people in other
countries to work than the people that vote for them.
Are you sure that the gold standard will stabilize the economy?
I never said that it would , I did say that gold can offset
the negative effects of the value of the dollar as it inflates.
I will say that our economy will never stabilize as long as
our People do not have good paying jobs , that are not pretend
good paying jobs due to inflation that has caused wages to increase so that people can buy the bare necessities.
a brand new Ford F100 pickup truck cost $900.00 in the 70's
at $2.35 an hour you would need to work 382 hours to buy one.
today a brand new Ford F100 is about $13,000
at $7.25 an hour you would need to work 1,793 hours to buy one.
inflation , its what you get when you have politicians who
are only concerned with getting elected or re-elected.
the equivalent buying power of $2.35 an hour in the 70's
today would be $34.00 an hour according to Ford F100 prices
$13,000 / 382 hours = $34.00
if you earn less than $34.00 an hour today you are earning less than people did when minimum wages were $2.35 an hour in the 70's
OK , they must have been having a sale on F 100's when I saw
the advertisement.
http://www.nadaguides.com/Classic-Cars/1970/Ford/F100/1-2-Ton-Styleside-LWB/Values $2,675.00
looks like they no longer make F 100's !!
lets go with the F 150's
http://www.ford.com/trucks/f150/ $24,070.00
but you get the picture.
