Cards were overproduced as early as 1975
I purchased a baseball book back in 1978, written in 1976. In the book Cy Berger mentioned that Topps sold 500 Million baseball cards in 1975. With a 660 card set you can do the math.
To me the wax era officially began with the introduction of Pro Set in 1988 (football) then score etc.
I remember in 1991 buying a pack of Upper Deck baseball cards at my local Vix drug store. When I opened a pack, right in the middle was a pro set card. Packs were pretty much tamper proof. Were they using the same print facilities? If I remember the President of Pro Set was a shady character.
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