In 1972 minimum wage was $1.60 per hour
In 1973 The Yom Kippur war caused the OPEC oil embargo and gas went from $.29 to $.50 a gallon overnight.
Wages did not rise. Jobs evaporated.
Sauce:
https://www.dollartimes.com/inflation/items/1972-united-states-minimum-wage
https://www.federalreservehistory.org/essays/oil_shock_of_1973_74
https://www.thebalance.com/unemployment-rate-by-year-3305506
All generations have their challenges Anon