What happened in 1971? (Page 1/2)
maryjane FEB 16, 03:29 PM
https://wtfhappenedin1971.com/

Just 2 of many graphics (some undoubtedly cherry picked to push a narrative)


The cause is not really stated specifically but most certainly points to the gold standard, but I have a different explanation.
2.5 FEB 16, 04:53 PM
Lewis Turning Point?
maryjane FEB 16, 05:07 PM
no.

I turned 21 early June '71, (same day I left Vietnam..we wuz winning when I left) and on that date, could legally go in any bar in the world, drink whisky and chase women.
The world went downhill right afterwards.... coincidence?
TheDigitalAlchemist FEB 16, 05:15 PM
Ha! Was expecting a serious answer...


BTW, If you did the chasin' BEFORE the drinkin', you'd end up catchin' more.

If you reply "Oh, I caught my fair share..." that's because you did the drinkin' BEFORE the chasin'... and what you caught wasn't what you THOUGHT you caught...




OH NO, THE HORROR!

[This message has been edited by TheDigitalAlchemist (edited 02-16-2022).]

2.5 FEB 16, 05:24 PM
MJ's turning point.
maryjane FEB 16, 05:30 PM
For a young single man, drinking whiskey and chasing women after a year of combat IS serious business
82-T/A [At Work] FEB 16, 05:39 PM

quote
Originally posted by maryjane:

https://wtfhappenedin1971.com/

Just 2 of many graphics (some undoubtedly cherry picked to push a narrative)


The cause is not really stated specifically but most certainly points to the gold standard, but I have a different explanation.




What's your theory?

I tried to look up legislation during that time, all I can really see regarding taxes is the Tax Revenue Act of 1971. I knew that Nixon had gotten us off the gold standard (which seems to be a big contention). I tend to agree that it was a bad thing, since it essentially means our dollar doesn't /really/ have anything backing it. At that point, what is the point of Fort Knox?

But I'm curious what you think.


I'm curious how we know in fact that that productivity increased... just not sure that I know what the measurement of that is.


I know we have significantly more competition (manufacturing) as the years went on. I'm just skeptical that things are as dire as these charts say they are, or perhaps, that people were so much wealthier back then.


I'm way ahead at my age where I thought I'd be... financially, education, housing, everything really. Almost all my friends are too. I know there is poverty in this country... but I also look at how much loans were back in the 70s. My parents couldn't just go get a house at a 3% interest rate. The interest rate was something absurd like 8-9%... ?
Jake_Dragon FEB 16, 06:18 PM

quote
Originally posted by maryjane:

https://wtfhappenedin1971.com/

Just 2 of many graphics (some undoubtedly cherry picked to push a narrative)


The cause is not really stated specifically but most certainly points to the gold standard, but I have a different explanation.



More women joined the workforce as young men are sent over seas to die in the jungle.
maryjane FEB 16, 06:33 PM
BLS computes that using GDP for any given time period vs the number of laborers used. The problem with the graph above, is that it doesn't stipulate whehter it is goods and services produced or if it is labor productivity.

Just guessing, I would say it is labor prductivity, since it focuses on labor wages.
Why didit go up? Partially because of decreased influence fromlabor unions and partially because of technology advances, that is, being more efficient than in the 50s and 60s when it took a lot more 'people' to do the same job or produce the same products.
maryjane FEB 16, 06:38 PM

quote
Originally posted by Jake_Dragon:


More women joined the workforce as young men are sent over seas to die in the jungle.


The number of men going into the military in the same period compared to the total domestic workforce is pretty insignificant and the big increase in productivity happened after Vietnam ended in '75. By 70-71, Vietnam was already winding down significantly. US troop levels peaked in 1969 at 535,000 and by 1972 was down to 24,000. For the entire Vietnam war, less than 10% of the population served in the US Armed forces. AND, being in the Armed Forces is also considered by BLS as being employed.

[This message has been edited by maryjane (edited 02-16-2022).]