A Libertarian friend, Jeffrey Jones, sent me the following info. It portrays as well as anything I have seen the awful impact out of control government spending and a money-printing Federal Reserve have had on our real wages and inflation. Imagine how much better off we’d be today if we were paid in gold, even without receiving a raise over the past 50 years.
Average wages in 1959: $5,016 – or 143 oz. of Gold
Average wages in 1977: $15,000 – or 120 oz of Gold
Average wages in 1999: $28,970 – or 104 oz of Gold
Average wages in 2008: $41,335 – 53 oz of Gold