The article argues that two August 1971 events reshaped the U.S.: Nixon announced on August 15 that the dollar would be unpegged from gold, and 8 days later tobacco lawyer Lewis Powell submitted the “Powell Memo” to the U.S. Chamber of Commerce, outlining a plan to expand corporate power. It says the delinking and expanded money supply drove national debt from $398 billion in 1971 to $40.34 trillion today, alongside financialization and inflation. Housing now costs more than 10 times the average yearly income, rent rose from about 1/6th to roughly 40% of monthly income, and Harvard tuition went from $2,600 to $63,000 a year. From 1971 to 2025, labor productivity rose 100% to 110% while real wages for the typical worker rose only 30% to 34%.
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