In the 70s they lowered the speed limit to 55mph because they said there was a shortage of gasoline. Now they need to lower the speed limit to 55mph because there is a shortage of money.
In 1981 the average price of gold was $459.25/oz.
That year the Federal Minimum Wage was $3.35/hr.
You would have had to work about 137 hours (about three and a half weeks) to save up the cash to buy one ounce of gold from the coin dealer.
Today 3/22/11, the price of gold was $1426/oz.
Federal Minimum Wage is $7.25/hr.
You’d have to work 197 hours (nearly five weeks) to save up the cash to buy one ounce of gold from the coin dealer.
Over the last 30 years the system has stolen a third of your buying power and made you work 43% longer for it.