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Your insight is doubly poignant because even though inflation has been thoroughly throttled for most of the time Paul Graham has been alive, the average American worker still somehow has ended up earning less, in inflation adjusted dollars, than 40 years ago. https://www.pewresearch.org/fact-tank/2018/08/07/for-most-us...

Think about that. In 40 years the average worker hasn't even gotten a 5% raise.

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So that points to it not being a fiat currency issue, but more something along the lines of labor exploitation? Excluding some industries, there has been no forcing factor to increase wages and the outsourcing of labor just taking money off the table entirely. That's in stark contrast to incredible year over year profits for corps.

> something along the lines of labor exploitation

That's a gentle way of putting it, but essentially correct.

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