WTF happened in 1971?
Comment on We've done it, boys
slaacaa@lemmy.world 2 months ago
Actually, everything is working as intended
explodicle@sh.itjust.works 2 months ago
DagwoodIII@piefed.social 2 months ago
LBJ wanted to have social spending and have a massive knockout punch in Vietnam. Instead of a knockout punch, the War turned into a massive quagmire. It was costing the US a fortune, but LBJ didn’t want to raise taxes, so he printed money. Nixon got elected and doubled down on the War and using inflation to pay for it. The4n the OPEC oil embargo hit and inflation went through the roof.
Jimmy Carter’s plan [controlled by Fed chair Paul Volker] solved inflation, but by the time it kicked in Carter had been replaced by Reagan. Reagan deregulated a lot of industries and let them run wild.
In 1968, ‘middle class’ was defined as one Union job supporting a family of four. At that time $1 million was a vast fortune. By the time Bush Sr. was out, ‘middle class’ meant two incomes to run the home, and $1 million was what a rich guy paid for a party.
tomiant@piefed.social 2 months ago
Whenever you want to understand the state of the USA, consider George Bush, president, father of George Bush, president.
We’re a fucking Middle Eastern dynastic fiefdom, with fucking nukes.
DagwoodIII@piefed.social 1 month ago
The funny thing is that Bush Dr. castigated Reagan’s tax cuts as ‘voo-doo economics’ when they were running against each other in the primaries. Once Reagan won the nomination, Bush signed on whole heartedly
Gonzako@lemmy.world 2 months ago
Apparently it’s so common a question it’s made into a domain wtfhappenedin1971.com
HeyThisIsntTheYMCA@lemmy.world 1 month ago
a domain with spurious conclusions
tomiant@piefed.social 2 months ago
Republicans. Go figure.
Gonzako@lemmy.world 2 months ago
after a bit of a search, Nixon happened
Gonzako@lemmy.world 2 months ago
there’s a how history words vid on the subject youtu.be/HchNA3a9L5E I dunno if it tackles your question tho, as if haven’t watched
sp3ctr4l@lemmy.dbzer0.com 1 month ago
Oh dear god I had not seen that graph updated in some years.
Aberration13@lemmy.world 1 month ago
Now lets see it adjusted for the real value of the dollar over time! :D
HeyThisIsntTheYMCA@lemmy.world 1 month ago
why? the lines aren’t going to change.
Aberration13@lemmy.world 1 month ago
They will, the gap will get much larger, this method of displaying the data doesn’t show quite how bad it actually is
BarneyPiccolo@lemmy.today 2 months ago
When it’s not working, it’s working.
dreadbeef@lemmy.dbzer0.com 1 month ago
I feel like the graph looks like that no matter what years you set as the first and last in the range
jaggedrobotpubes@lemmy.world 1 month ago
The only point here, as always, is that everybody and anybody who thinks that this chart and only this chart is what matters, is objectively a fucking idiot who has disqualified their own opinion, along with those implying it is a real, serious opinion, which it is not.
bluegreenpurplepink@lemmy.world 1 month ago
I feel like the tiny little uptick in the red line at the end is just a lie to try to give us a smidge of hope.
Diplomjodler3@lemmy.world 2 months ago
This single diagram really tells you all you ever need to know. And yet a lot of people in the bottom 50% think that the gays or refugees are to blame for their problems.
plyth@feddit.org 1 month ago
There is a line missing, for the 0.001%.
myfunnyaccountname@lemmy.zip 1 month ago
And they also might magically become the 1%