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US Wages Finally Get Back to Where They Were in 1973

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Re: US Wages Finally Get Back to Where They Were in 1973

#31

Post by almost_usual »

kaycebasques wrote: post #28

Now that I’m a bit older (29) it’s fascinating to reflect back on my childhood and teenage years in the context of economic trends. I’ve been interviewing my grandpa to make a biography of his life and it’s mind-blowing to hear about how different the 50s were. A teacher (grandpa) and a part-time worker (grandma) supporting 2 babies and a senior (great grandma), yet still able to buy a home in Millbrae and a plot of…

My grandpa became a multi-millionaire even though he dropped out of middle school. Born into a working class German family where no one really valued education. Good luck doing that now.

Grammar edit, guess we still don't value education.

Re: US Wages Finally Get Back to Where They Were in 1973

#32

Post by ksaj »

refurb wrote: post #26
Fifth_Star wrote: post #7

Earlier quoted context omitted.

Can you live in a TV and eat it? Cause the average rent was $175 dollars a month http://www.littlehouseinthevalley.com/cost-of-living-compari...

An average car cost $4,000. So about 1/10th. Applying that to rent, the rent would be $1750, which is pretty close.

Now do that same analysis with average/mean pay scales and compare. Then the article will make sense.

Re: US Wages Finally Get Back to Where They Were in 1973

#33

Post by barbecue_sauce »

almost_usual wrote: post #31
kaycebasques wrote: post #28

Now that I’m a bit older (29) it’s fascinating to reflect back on my childhood and teenage years in the context of economic trends. I’ve been interviewing my grandpa to make a biography of his life and it’s mind-blowing to hear about how different the 50s were. A teacher (grandpa) and a part-time worker (grandma) supporting 2 babies and a senior (great grandma), yet still able to buy a home in Millbrae and a plot of…

My grandpa became a multi-millionaire even though he dropped out of middle school. Born into a working class German family where no one really valued education. Good luck doing that now. Grammar edit, guess we still don't value education.

He became a multi-millionaire in middle school?

Re: US Wages Finally Get Back to Where They Were in 1973

#34

Post by oblio »

refurb wrote: post #26
Fifth_Star wrote: post #7

Earlier quoted context omitted.

Can you live in a TV and eat it? Cause the average rent was $175 dollars a month http://www.littlehouseinthevalley.com/cost-of-living-compari...

An average car cost $4,000. So about 1/10th. Applying that to rent, the rent would be $1750, which is pretty close.

1. Are you sure that the average car doesn't cost $25k, instead?

2. What was the average wage?

Re: US Wages Finally Get Back to Where They Were in 1973

#35

Post by conception »

AnimalMuppet wrote: post #27
conception wrote: post #18

Earlier quoted context omitted.

Why would that be the case? Has there been a significant spike in farm workers or managers per capita?

Well, I was assuming that people like engineers and programmers weren't "production". There are more of them now than there were in 1973, and fewer factory workers.

Yeah, for service industries, it counts anyone not in a supervisory role, so it'd include them as well. :)

Re: US Wages Finally Get Back to Where They Were in 1973

#36

Post by thealfreds »

barbecue_sauce wrote: post #33
almost_usual wrote: post #31

Earlier quoted context omitted.

My grandpa became a multi-millionaire even though he dropped out of middle school. Born into a working class German family where no one really valued education. Good luck doing that now. Grammar edit, guess we still don't value education.

He became a multi-millionaire in middle school?

Most certainly meant to write 'even though he dropped out...'. Though that would certainly be something.

Re: US Wages Finally Get Back to Where They Were in 1973

#37

Post by kaycebasques »

mertd wrote: post #30
kaycebasques wrote: post #28

Now that I’m a bit older (29) it’s fascinating to reflect back on my childhood and teenage years in the context of economic trends. I’ve been interviewing my grandpa to make a biography of his life and it’s mind-blowing to hear about how different the 50s were. A teacher (grandpa) and a part-time worker (grandma) supporting 2 babies and a senior (great grandma), yet still able to buy a home in Millbrae and a plot of…

We also got this little thing called Prop 13 in California between then and now. That and we figured out how to make really tiny transistors and the entirely new industry set up shop here.

For sure, there’s myriad factors. And the Bay Area has its own unique history. My main idea is that studying economic history has provided a rich layer of new understanding about the lives of my family.

Re: US Wages Finally Get Back to Where They Were in 1973

#39

Post by LookOutItsABot »

NoblePublius wrote: post #8
thfuran wrote: post #6

Earlier quoted context omitted.

Great. Now let's do college.

Thank you for proving my point that life is very different today than it was in 1973, and that comparing wages across decades is dumb

Are you real; standardized responses or just lazy copy paste?

Re: US Wages Finally Get Back to Where They Were in 1973

#40

Post by jackfoxy »

NTDF9 wrote: post #11

Phew. It only took pumping some trillions into the pockets(assets) of multimillionaires to finally trickle down to 1973 levels.

Yes, but if you look at the chart, most of the loss occurred in the decade of the 70s, before any talk of trickle down economics. From the end of the 82 recession until the mid nineties the erosion continues, but at a much slower pace, closer to being static until the trend starts a long slow ascent, close to 25 years to recover what was mostly lost in 10.
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