What Happened in 1971? Edward Snowden and Jack Dorsey Want to Know

Source: Foundation for Economic Education
by Jon Miltimore

“It’s unclear if Dorsey and Snowden have similar ideological views, but it’s clear both men are seeking answers to the same question (or prompting others to look themselves): what in the world happened in 1971?something happened in 1971. This fact is made clear by a series of charts, all based on government data, that show various odd economic trends began in that year. Income inequality, for example, began to get much worse. Wages, which had tracked closely with productivity and GDP growth for decades, began to lag productivity and economic growth (badly). Inflation soared, growing at a faster rate than at any period in the previous century. The income gap between black and white Americans, which had been closing rapidly since 1950, all but stopped closing.” (09/27/21)