In 1971 Nixon effectively moved the economy off Bretton woods to fiat. The monetary system became entirely ephemeral, enabling all kinds of mathematical techniques for deflating the average persons buying power:
Couple that with an explosion in TV ownership, behavioral economics taking over advertising and marketing... America became a propaganda bubble.
A $200k/year salary in 1980 dollars would be equivalent to $600k/year buying power in 2023. Instead the Fed is raising rates to unemploy people, so they cannot buy assets, or even just a home.
https://en.wikipedia.org/wiki/Nixon_shock
Couple that with an explosion in TV ownership, behavioral economics taking over advertising and marketing... America became a propaganda bubble.
A $200k/year salary in 1980 dollars would be equivalent to $600k/year buying power in 2023. Instead the Fed is raising rates to unemploy people, so they cannot buy assets, or even just a home.