, 5 tweets, 2 min read Read on Twitter
Inflation in terms of Gold: To me this puts everything in perspective
#inflation #federalreserve @DiMartinoBooth
1) in 1970 the minimum wage was $1.45 per hour and an ounce of gold was worth roughly $39 per ounce. So it took 27 hours to earn an ounce of gold.
2) 2019 minimum wage at $7.25 per hour and an ounce of gold at roughly $1,325 per ounce. This equates to 183 hours to earn an ounce of gold.
3) Todays Gold price of $1,325 per ounce divided by the 1970 hours to earn an ounce (27 hours) equals roughly $50.
4) So, for today's minimum wage to have the same purchasing power as 1970, the rate should be $50.
5) The middle class and the working poor are being robbed of their labor by central banks. Why is this not common knowledge?
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