3 ms·

I would have thought the pension would be inflation indexed.

• caprese 8y ago
  the pension is older than inflation based monetary policy in the United States
  • dontbenebby 8y ago
    yes, we only moved off the gold standard in 1971 https://en.wikipedia.org/wiki/Nixon_Shock https://en.wikipedia.org/wiki/Nixon_Shock
    • deleted 8y ago
      [deleted]
    • skookumchuck 8y ago
      For practical purposes we moved off of it in 1914. The value of the dollar steadily declined against gold from then on, despite the official exchange rate. The divergence was nearly 2:1 by 1929, and the run on the banks then was caused by this. The runs stopped only when FDR suspended payments in gold.
• benj111 8y ago
  Is it not in any way? $73 seems high for the mid nineteenth century, but low for today. (edit: Low to be inflation linked)