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re: A $4.03 hourly wage in 1973 had the same purchasing power that $23.68 would last year.
Posted on 4/22/19 at 4:34 pm to Peazey
Posted on 4/22/19 at 4:34 pm to Peazey
quote:
Reasonable inflation is a normal part of a healthy economy
No, that just creates a bubble that bursts later on, far after those who put the inflationary policies in place are gone.
Sound monetary policy is a currency backed by something in the real world.
Purposeful currency manipulation to create "healthy inflation" is a theft of citizens' savings by government.
2
Posted on 4/22/19 at 4:34 pm to slackster
I just read an article a free minutes ago. The low end starter home inventory is 3 months and the luxury home are around about 2 years. You are correct that there is a shortage and people aren't buying those types of homes.
Posted on 4/22/19 at 4:35 pm to slackster
quote:
So what about the other 1350?
There's a massive world of difference between "none" and 150. It's a good thing there aren't 1500 homes for sale in that price range because these people are all apparently too stupid to go buy one.
This post was edited on 4/22/19 at 4:36 pm
Posted on 4/22/19 at 4:36 pm to Evolved Simian
quote:
So someone making 3.5x the minimum wage in 1973 had the same purchasing power as someone making 3.26x the minimum wage today? Meaning that wage earners are better off now than they were then, yet pretend to be worse off? Meaning millennials really ARE shitty with money?
Shocking.
People making $24/hr aren't the ones complaining about money. That's roughly $50k/yr. If you are starting out working, and making minimum wage it's nearly impossible to survive. Try paying for housing and everything else you need to live on $15k/yr. Even at $15/hr you're ok but are most likely still living paycheck to paycheck.
Posted on 4/22/19 at 4:39 pm to Peazey
Peazey, what existed in the 70s and 80s that does not exist now that caused higher wage growth then?
That’s what I find interesting.
We all know “wage Growth slower now than 70s”, yet profit as percent of economy isn’t higher, so I don’t think it’s as simple an answer as bosses keeping more of the proceeds
That’s what I find interesting.
We all know “wage Growth slower now than 70s”, yet profit as percent of economy isn’t higher, so I don’t think it’s as simple an answer as bosses keeping more of the proceeds
Posted on 4/22/19 at 4:50 pm to efrad
quote:
Sound monetary policy is a currency backed by something in the real world.
You realize gold, for example, has been a historically terrible inflation hedge?
Posted on 4/22/19 at 4:50 pm to cable
quote:
There's a massive world of difference between "none" and 150. It's a good thing there aren't 1500 homes for sale in that price range because these people are all apparently too stupid to go buy one.
Fair enough.
Posted on 4/22/19 at 4:53 pm to whoisnickdoobs
quote:
You know how much condoms cost back then?
frick if I know, we didn't use em
Posted on 4/22/19 at 4:55 pm to FLObserver
quote:
Man a buck went a long ways back in the day
In the mid-90s, I bought a 1972 Ford LTD. Only 57,000 miles on it. Papers in the glove compartment. Brand new, a top of the line LTD cost a little under $4900. It weighed 5500 pounds.
Less than a dollar a pound.
Posted on 4/22/19 at 5:21 pm to HailHailtoMichigan!
Yours is the most interesting question yet in my opinion. I would propose a combination of a shortage of professional, college educated workers drove up wages in the 70s - 80s, along with a higher return on labor (i.e. human capital) versus tangible capital because of the lack of technology at the time.
I propose it was necessary to pay people more because businesses could not automate more aspects of an entry-level employee like they can now. Hiring smart, capable people was a better investment than the high fixed costs of buying developing technology that quickly became obsolete.
Even with huge gains in technology, consumers still demand lower prices, which is why I think prices are relatively flat and wage growth is flat in real terms. With the 3.5x vs 3.26x minimum wage comparison, I would say workers aren't getting those technology gains, but consumers are. Except for a few things (like housing and medicine) just about everything we buy is better if not cheaper than it was 40 years ago.
I propose it was necessary to pay people more because businesses could not automate more aspects of an entry-level employee like they can now. Hiring smart, capable people was a better investment than the high fixed costs of buying developing technology that quickly became obsolete.
Even with huge gains in technology, consumers still demand lower prices, which is why I think prices are relatively flat and wage growth is flat in real terms. With the 3.5x vs 3.26x minimum wage comparison, I would say workers aren't getting those technology gains, but consumers are. Except for a few things (like housing and medicine) just about everything we buy is better if not cheaper than it was 40 years ago.
This post was edited on 4/22/19 at 5:23 pm
Posted on 4/22/19 at 5:32 pm to Hangover Haven
quote:
I remember when minimum wage was $2.23 an hour..
I remember when it was 1.00 an hour and jumped to 1.25. Could get 7 Dixie long necks at Larry and Katz's or about 4 gallons of low test for an hours wage.
Based upon today's prices the brewing industry is really ripping us off and big oil has stayed pretty affordable.
Posted on 4/22/19 at 5:45 pm to FLObserver
You could work your way through college with a minimum wage job in the early 70s, knew a lot of people that did. At
a state school the tuition, dorm room, meal plan, and books, for the four years it took to get my B.S. was a total of $6800.00.
a state school the tuition, dorm room, meal plan, and books, for the four years it took to get my B.S. was a total of $6800.00.
Posted on 4/22/19 at 5:54 pm to EA6B
Tuition at LSU was $243 for a full time student (above 12 hours there wasn’t an additional charge.) I was making $800/mo. from LSU plus another 4-5 hundred from Bengal and The Caterie. Rolling in dough for a college kid. Actually took a pay cut after graduation to take a job flying a jet that went twice the speed of sound and could deliver nuclear ordinance.
Posted on 4/22/19 at 5:56 pm to 777Tiger
quote:
plus another 4-5 hundred from Bengal and The Caterie
Drinking with Lincoln was pretty awesome at the Bengal when I was like 17.
Posted on 4/22/19 at 6:04 pm to fallguy_1978
Caterie count down was where it was at baw!
Posted on 4/22/19 at 6:15 pm to 777Tiger
You also didn't have 1 administrator for every 10 students or resort style living. Hell, the house I lived in for 4 years didn't even have air conditioning. They had to retrofit the building about 15 years ago for the millennials at a cost of about a cool million. Guess who gets to pay for it.
Posted on 4/22/19 at 6:21 pm to FLObserver
2.25$ an hour the summer of '72, I was rolling!
Posted on 4/22/19 at 6:44 pm to cable
quote:
Guess who gets to pay for it.
yep, bunch of pussies, I actually lived in a closet(no homo,) for part of my sophomore year, it was just fine. bathroom right down the hall, comfortable bed(that I built.) I don't think I ever heard the term "guidance counselor" while I was there?
Posted on 4/22/19 at 6:56 pm to FLObserver
quote:
Man a buck went a long ways back in the day.
It only cost $350 to make Mac and Me after all the Coca-Cola and McDonalds endorsements. That’s where boomers peaked.
This post was edited on 4/22/19 at 6:57 pm
Posted on 4/22/19 at 7:06 pm to slackster
quote:
You realize gold, for example, has been a historically terrible inflation hedge?
Spot gold price
1973 $176.48
2019 $1275.90
It’s a lot better than paper money. There are better places to put money but gold and silver are always safe. When my kids were born in 1999 and 2001 I bought them a 1 oz gold eagle (about $300) and a Engelhard 100 oz Silver Bar ( about $300). I thought later in life they would think it was cool having the birth year gold eagle and silver bar.
The silver bars will bring about $1500 a piece today and the gold eagles about $1200. Both of them could have been sold for double that in years past.
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