you are viewing a single comment's thread
view the rest of the comments
[–] 3 points 1 week ago* (1 child)

What do you mean by minimum wage in 1970? Do you mean an entire year of 40-hour per week, minimum wage earnings, saved in a piggy bank?

For reference, minimum wage in 1970 was $1.50 in Canada, and $1.60 in USA. 2026 equivalent would be around $13/hour.

  • source
  • parent
  • hideshow 1 child comment
  • [–] 2 points 1 week ago* (last edited 1 week ago)

    Gross earnings for the whole year bought in gold at that same year as a reference. An ounce of gold was $35 in the same time period. That's 89 ounces of gold at $1.5/hr working 40 hours a week.

    And yes, I know the US went off the gold standard which made the ratio of dollars to gold go haywire. What's interesting is whatever amount of gold it took to buy a house in 1970 is roughly what you needed to buy it before gold prices skyrocketed recently.

    A person in Canada making a 6-figure income today is earning a minimum of 17.55 ounces of gold in gross income

  • source
  • parent