What happened in 1971?

Transcript

What the heck happened in 1971? Productivity in hourly wages always used to rise up together, but then in 1971 something strange happened. Wages have stagnated while productivity continues to go up, and it gets weirder. The price of a Campbell Soup can was $0.10 for the longest time, but since 1971, the price has skyrocketed. Before 1971, it took you around two years to save for a house, but now it takes seven. The top 1% of earners have continued to see their income grow since 1971, but the bottom 90% has not. And people are getting married later too. In 1971, the average age to get married was around 23, but now it's closer to 30. And just look how the American diet has changed since 1971, way less beef and potatoes, and way more corn and chicken. This one's crazy, look at the global production of vegetable oil since 1971. Obesity in young children was around 5% in 1971, but now it's over 20%. Even the number of prisoners has skyrocketed since 1971, since 1971, the US National debt has gone completely vertical. Same with healthcare costs, and oddly enough, we've had a massive growth of administrators while the amount of physicians has not gone up. And look how many countries have had a banking crisis since 1971. So what happened in 1971 to cause this? In 1971, President Nixon ended the gold standard, which meant the US dollar was no longer backed by gold, and since then, things have gotten a lot worse. Comment money if you want me to send you my full breakdown on all of this.

Transcribed automatically from the video, so small errors are possible.