U.S. Wages Drop to Historic Lows Amid Economic Shifts
U.S. wages have fallen to 43% of national income, the lowest level since the Great Depression. This decline is attributed to various factors, including globalization, technological advancements, and changes in monetary policy. The decision by President Nixon in 1971 to end the dollar's convertibility to gold is cited as a turning point, leading to a decrease in the dollar's buying power. Despite productivity gains, wages have not kept pace, raising concerns about economic inequality and the distribution of wealth.