And “household income” definition also changed: at the time the most common was that only the man of the household was working. So I’d say we are down to a quarter of what was earned then.
I think the most important context is minimum wage.
In 1982 a full-time job making $3.35 an hour is pulling in approx $6,700 a year. Or 14% of the price of a house.
In 2022, that same worker, working the same number of hours at minimum wage $7.25 an hour is bringing in $14,500 a year. Or 3.5% the price of a house.
The same for groceries. THAT is the fucked up part. It’s what happens when people seem OK with 50 trillion dollars going from the bottom 90% to the top 1% over the past several decades.
I think that’s a little unfair of a comparison. The average house price in the US is $495k. The average house price in Ohio is $273k. Let’s take Brooklyn for example. In the 80’s houses were cheap in comparison to today. Ohio in the 80’s were probably on par for what they are today. There was no silicon valley in the 80’s. You didn’t have as much of the super rich mega mansions back then. So yeah, it’s going to sway the numbers.
If we’re going to have super rich mega mansions, then we should be taking care of everyone at a proportionate rate. If we’re not, then the tax for the rich is too low.
That’s not the issue.
Average annual household income in the US in 1980 was $20,020- 42% of a house (average cost of a house in the US in 1980 was actually $47K).
https://www.census.gov/library/publications/1982/demo/p60-132.html
Average annual household income in the US in 2022 was $74,580- or 18% of a $412K house.
https://www.census.gov/library/publications/2023/demo/p60-279.html
And “household income” definition also changed: at the time the most common was that only the man of the household was working. So I’d say we are down to a quarter of what was earned then.
Damn. That’s some depressing perspective right there.
I think the most important context is minimum wage.
In 1982 a full-time job making $3.35 an hour is pulling in approx $6,700 a year. Or 14% of the price of a house.
In 2022, that same worker, working the same number of hours at minimum wage $7.25 an hour is bringing in $14,500 a year. Or 3.5% the price of a house.
The same for groceries. THAT is the fucked up part. It’s what happens when people seem OK with 50 trillion dollars going from the bottom 90% to the top 1% over the past several decades.
I mean, that minimum wage should be higher though.
At the same time, if you doubled it, it would still be half as much of a percentage of a house.
No matter which way we slice this up, were fuckkkkkkked
Yeah minimum wage should be quadrupled at the least. But I think the US should have a 50 dollar minimum wage.
50? Wow.
That’s more than I make. I mean, I’m not opposed to the idea, but it would be an excuse from every capitalist out there to go crazy with inflation.
We’d probably end up worse off on the end but I wouldn’t mind as much because my house is already mortgaged.
I think that’s a little unfair of a comparison. The average house price in the US is $495k. The average house price in Ohio is $273k. Let’s take Brooklyn for example. In the 80’s houses were cheap in comparison to today. Ohio in the 80’s were probably on par for what they are today. There was no silicon valley in the 80’s. You didn’t have as much of the super rich mega mansions back then. So yeah, it’s going to sway the numbers.
If we’re going to have super rich mega mansions, then we should be taking care of everyone at a proportionate rate. If we’re not, then the tax for the rich is too low.
deleted by creator
I feel like it’s implying a standard of living. You got more for less, you owned a home. Maybe only one of the family was employed for that life.
Where the duck do you think the money to buy things was coming from?