Another Day Another Dollar

Shtajerc

Ad Honorem
Jul 2014
6,743
Lower Styria, Slovenia
I guess we all know the sayings "another day, another dollar" and "a day late and a dollar short", implying that the average worker would make 1 dollar per day. My question is, in what time period was this really the case?

Thanks
 

betgo

Ad Honorem
Jul 2011
6,536
Until about 1912 with the founding of the Federal Reserve with a "flexible currency".
 

betgo

Ad Honorem
Jul 2011
6,536
Until 1933, the value of the dollar was tied to the price of gold. Inflation got serious at the beginning of WWII. Wages went up by about a factor of 4 between 1940 and 1960. The worst inflation was in the 1970s.