I'm not sure why 1971 is chosen as the start year for this site. I've seen similar posts based on 73 or 74. My guess is that this was the first chart the author saw so ran with it or the author doesn't want to pin the change on the Reagan regime.
My take is that the 70s were a transition period between the idealism of the 60s and the greedy crapitalism of today with the real change beginning in 1980.
Many of these charts shown, including the one above, show a deflection in the 70s but not a dramatic change, i.e. if the chart had reverted to normal in 73 or 74, then 1971 wouldn't have stood out. However, almost all of the charts are changing dramatically by the early 1980s.
The 70's were different than the surrounding decades. There were a lot of unusual things going on, the end of VietNam war with troops coming home, Nixon and Watergate, the oil embargo, decimation of the US auto industry, inflation, women and boomers entering the workforce. The 70s lacked the 60's youth, optimism and radicalism and didn't yet have the 80's enthusiasm for American crapitalism. The 70's were just different.
In 1980, it all changed. Reagan won on a promise to cut taxes and big government. He cut taxes on the rich, removed regulations and made US military spending a priority. The boomers were fully in the workforce and putting their demographic mark on everything they touched. They were not radical sixties hippies now but greedy American capitalists.
Look through the charts on the site, ignore the 1971 pointers look at the years and what is happening in the charts. Many show some deviation in the 70s but most change comes after 1980.
Inflation and related chart takes off in the 70s but inequality, debt,trade balance, SP500, the Financial sector charts take off around 1980.
Overall, I think WTF happened is that America was shaken by some unusual events in the 1970s and voted for change in 1980. We got it and are still living with it.
A few of the charts but go to the site. WTF Happened in 1971
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