5 ms·
In this case, the US decline probably started in the 1970s when they left the gold standard.
by yuhong 10y ago
In this case, the US decline probably started in the 1970s when they left the gold standard.
- runeks 10y agoSomething certainly happened around 1970-ish: https://www.mises.ca/wp-content/uploads/2013/12/graph-1.png https://www.mises.ca/wp-content/uploads/2013/12/graph-1.png Looks like 1st percentile wage growth stagnated right around 1970, but 99th percentile wage growth didn't start accelerating until around 1980 - right around when bond prices started rising again, after falling through the 70s. And they've been rising ever since.
- dTal 10y agoYou bet your ass something happened. I'd love to know what. https://upload.wikimedia.org/wikipedia/commons/4/48/U.S._incarceration_rates_1925_onwards.png https://upload.wikimedia.org/wikipedia/commons/4/48/U.S._inc...
- diogenescynic 10y agoNixon and then Reagan's policies.
- runeks 10y agoWhich policies, exactly, caused the discrepancy we see in pre-tax income growth? Or are only only referring to incarceration rates?
- dflock 10y agoNixon started the war on drugs in 1971 - that's what you're looking at there.
- b_emery 10y agoOr maybe halving the capital gains tax had something to do with it: https://upload.wikimedia.org/wikipedia/commons/3/3a/Federal_Capital_Gains_Tax_Collections_1954-2009_history_chart.pdf https://upload.wikimedia.org/wikipedia/commons/3/3a/Federal_...
- aburan28 10y agoThe free movement of capital across national borders is not helping