Since Nixon ended the gold standard in 1971, everything from houses to gas surged 8–22 times while wages rose only 6 times, yet millennials get blamed for avocado toast

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1971. The year Nixon took the dollar off gold.

House: $25,200.
Now: $410,000.

Car: $3,560.
Now: $48,000.

Harvard: $2,600/yr.
Now: $57,000/yr.

Gas: $0.36/gal.
Now: $2.88/gal.

Average income went from $10,000 to $60,000.

Everything got 8–22x more expensive. Wages only went 6x.

But sure, it’s the avocado toast.

Factcheck:

Nixon’s 1971 decision to end dollar-gold convertibility addressed gold reserve drains and trade issues, allowing flexible Fed policies that helped avert a deeper recession. However, it shifted to fiat money, contributing to higher long-term inflation and uneven wage growth vs. costs. Whether it was a “mistake” is debated—many economists view it as necessary, while critics say it eroded purchasing power for average Americans.