By the way, Marx literally predicted wages stagnating even as production increases. I’ve also added some other benchmarks to help gauge where earners would stand given how much they currently earn.

25k in 2020-> 57k

35k in 2020-> 80k

45k in 2020-> 103k

50k in 2020-> 108k

75k in 2020-> 172k

100k in 2020-> 229k

  • truth [they/them]
    ·
    4 years ago

    Uhh to be really quick that's when the bottom fell out of the economic model the US was doing. A triple whacking of capital accumulation in Europe and Asia reducing profitability of us corporations (this buildup was required to buffer against the SU, so it's an internal contradiction), the oil shock from opec ( blowback from imperial adventurism to maintain profitability ), and a wage-inflation spiral from full employment hitting against that reduced profitability ( again another internal contradiction ), these three collapsed the previous economic model. Nixon swaps the US over to completely greenbacks and we begin the process of totalizing financialization and economic auto-cannabalism. There's a lot more to it but I'm on my lunch break.