While the average hourly earnings of U.S. workers has increased from about $3 in 1970 to about $20 in 2013, what impact has inflation had on the buying power of that dollar?
What will be an ideal response
Inflation has suppressed the value of the dollars that workers earn. Therefore, today's worker can buy little more with their $20 per hour than the 1970's worker could with their $3 per hour wage.
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