do the math on your own numbers! wage went up 100% but the expenses you cited went up 400%! how does that work, you still think you would be able to live like you did back then, your delusional. Min wage workers have to work 1 hour to pay for a loaf of bread and gas, your wage back then got you a lot more.
yes, inflation hits those with the least hardest.
the truely wealthy, who run the "Means of Production" can always raise prices, and if you cant afford what they sell, tough noogies.
a price will always be whatever those who need it will pay.
raising the minimum wage simply makes the number higher, and after a very short time, the cost of everything will go up MORE than the increase.
there is no way save nationaliziation or price fixing to keep inflation from accelerating as long as the money supply continues to be increased with buckets of newly printed fiat currency.
if you wish to nationalize industries or set price caps, then those with the capital can simply flee to foreign lands with their capital and do their business from there.
the solution to an import dependent, out of control economy is the same as it always has been, TARIFFS.
when importing foreign goods becomes more expensive than producing it locally, capital will come back, production of the goods will occur in the nation with the market for those goods (thats us by the way), and there will be employment for those who want work, until of course the southern border once again floods us with cheap easy to use disposable labour, which will drive down wages.
if the borders are secured against illegals, and the free greencards for any foreigner who will work for less than their local counterparts are suspended, then the economy can improve for those on the bottom, those at the middle, and yes, also for those at the top.
it is all about market forces, and always has been.
ohh look. another TLDR, cuz complex issues always have to have solutions that fit on a bumper sticker.