In 1960, minimum wage was $1.00/hour and the average US home was $11,000.00. $1 million was a vast fortune.
When ronald Reagan took office, ‘middle class’ was still defined as one job supporting a family of four.
By the time George HW Bush had finished his term, middle class was two jobs to keep the family going. And $1 million was what a rich guy paid for a party.