If we see it from that perspective, it is quite true how over the years the purchasing power of lower or middle class workers has evaporated... and obviously how gold has always been a very valuable asset and will continue to be so. its price and value has risen... families, for example in South America, which is where I am, must work at least both Father and Mother of the family to be able to advance and cover basic expenses and as is my case, I am a migrant, we do not have anything. easy...

It's not an ideal measuring stick, but the best one we have with a long track record, I mean gold has also had its own inflation rate over that time period and we don't really know how much gold is out there, versus paper claims.

Also if we look at the effective tax rates, they also got to keep more of their salary each month and didn't have all the consumption taxes we have now

What is the biggest reason?

Housing cost has increased substantially since 1971.

Growing financial sector and finance becoming the center of the economy

The middle and working classes have been screwed for the last 50 years at least. Ignored by both parties. These are modest income folks who lack the romance of welfare recipients

I realize this is important topic that cannot be answered in a single comment