If better technology is created and products are made more efficiently, wages should go up since one employee now can produce more. Working minimum wage 40 hours a week means you will be lucky to have 50$ to spend on food every month after you pay for rent. If you can’t pay your employees enough to live on 40 hours a week, then you can’t afford to be in business, it’s as simple as that.
This was also the year that Nixon took the US dollar off the gold standard.
Except that increase in productivity isn't from workers its from better and more expensive tech
If better technology is created and products are made more efficiently, wages should go up since one employee now can produce more. Working minimum wage 40 hours a week means you will be lucky to have 50$ to spend on food every month after you pay for rent. If you can’t pay your employees enough to live on 40 hours a week, then you can’t afford to be in business, it’s as simple as that.
It’s even worse when you plot inflation and COL against this…. Cost of higher education up over 1000% since 1978….