That probably was just before Nixon started our long love affair with inflation by removing metals as the basis of our currency. Thanks for pointing it out, @Tony Nathanson
Remember when being a millionaire was a dream? It won’t be long before that’s the typical goal for someone starting out. I remember thinking when I started working that if I could just make it to $10,000/year, I would be set for life. The dollar isn’t worth squat anymore and our “leaders” could not care less.
I graduated high school in 1972, and my first job was managing the beer & wine department of a Dart Drug, among my other duties. I was 3 years below the legal drinking age a the time. Budweiser would go on sale for $1.25 a 6 pak ($5 a case.) Regarding inflation: If people would be satisfied never getting a raise, then there would be no cost pressure on prices. It's all relative.
The continual printing of money without backing by the federal reserve has nothing to do with the little people fighting for cost of living increases. It is a worldwide issue. Just as interest rates in the 70's were in the teens and now they have been effectively zero for a long time. The US had to keep them low to keep our debt to foreign nations lower.