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re: Minimum wage in the 1970s would be the equivalent of making almost $56,000 a year now
Posted on 4/22/26 at 12:19 pm to 777Tiger
Posted on 4/22/26 at 12:19 pm to 777Tiger
quote:
a lot of you whippersnappers will eventually benefit greatly from this by way of inheritance
The nursing homes are gonna take everything
0
Posted on 4/22/26 at 12:22 pm to theunknownknight
Average mortgage rate in 1970 was 8.5%.
And that rate went up fo 11% for boomers in that decade.
Only 10% of the genpop graduated college.
People hardly "went" on vacation further than their car could take them.
Technology was almost unattainable for the average worker.
Unemployment. Inflation.
But did that generation bitch and moan?
No. Because their parents survived the depression.
Young people do not get it.
Life is hard. Period.
There was no easier. Maybe for a few that were born into the depression and got to see the 50s without any global competitor. But every boom has its busts.
But life is hard. Period.
And that rate went up fo 11% for boomers in that decade.
Only 10% of the genpop graduated college.
People hardly "went" on vacation further than their car could take them.
Technology was almost unattainable for the average worker.
Unemployment. Inflation.
But did that generation bitch and moan?
No. Because their parents survived the depression.
Young people do not get it.
Life is hard. Period.
There was no easier. Maybe for a few that were born into the depression and got to see the 50s without any global competitor. But every boom has its busts.
But life is hard. Period.
Posted on 4/22/26 at 12:22 pm to theunknownknight
SIAP-
The average house in 1971 would be considered a shithole by today's standards, and people who make minimum wage still occupy those types of shitholes. Therefore your entire premise is moot.
The average house in 1971 would be considered a shithole by today's standards, and people who make minimum wage still occupy those types of shitholes. Therefore your entire premise is moot.
Posted on 4/22/26 at 12:24 pm to meansonny
quote:
Average mortgage rate in 1970 was 8.5%. And that rate went up fo 11% for boomers in that decade.
Oh no 11% on 14k
quote:
Unemployment. Inflation. But did that generation bitch and moan? No. Because their parents survived the depression. Young people do not get it. Life is hard. Period. There was no easier. Maybe for a few that were born into the depression and got to see the 50s without any global competitor. But every boom has its busts. But life is hard. Period.
Yalls parents fought for their neighborhoods and the schools yall went to so much that the national guard had to be brought in in a lot of places
When it was boomers time to preserve society yall moved away instead of fighting. Now 75% of America is covered in hood and young people can’t afford a house where you won’t get shot
This post was edited on 4/22/26 at 12:28 pm
Posted on 4/22/26 at 12:39 pm to 777Tiger
Your entire response was framed at an individual/micro perspective. The issue need to be viewed from a macro perspective, in my opinion
Your company still requires a college degree. That’s great. But the number of individuals with a degree has increased, and at a rate that I would assume outpaces the number of new position openings. There by increasing the difficulty level of obtaining the job.
300k as a first year government employee with significant growth room? Not saying that isn’t the case, but that is clearly some sort of outlier position and not a norm or average, which is what we are discussing.
I’m not saying I’m blaming those individuals for hanging on longer, but at the same time can acknowledge that they are acting in their own self interest, delaying the ability for someone else to move into that position and thereby compounding the problem instead of resolving it. Because now when the next individual gets into that position, they will either A) not have as many years at peak earning due to forced retirement age or B) stay in said position to an even greater age than the first individual to recoup those lost years
Lastly, there are many individuals who will benefit from inheritance, as long as their parents and grandparents don’t use it all on life extension care, which has also dramatically increased in price.
Your company still requires a college degree. That’s great. But the number of individuals with a degree has increased, and at a rate that I would assume outpaces the number of new position openings. There by increasing the difficulty level of obtaining the job.
300k as a first year government employee with significant growth room? Not saying that isn’t the case, but that is clearly some sort of outlier position and not a norm or average, which is what we are discussing.
I’m not saying I’m blaming those individuals for hanging on longer, but at the same time can acknowledge that they are acting in their own self interest, delaying the ability for someone else to move into that position and thereby compounding the problem instead of resolving it. Because now when the next individual gets into that position, they will either A) not have as many years at peak earning due to forced retirement age or B) stay in said position to an even greater age than the first individual to recoup those lost years
Lastly, there are many individuals who will benefit from inheritance, as long as their parents and grandparents don’t use it all on life extension care, which has also dramatically increased in price.
Posted on 4/22/26 at 12:49 pm to theunknownknight
quote:
minimum wage = $1.60 per hour
annual gross income = $3,328.
The median home price = $25,200
Time it took to equal price of house = 7.57 years
To maintain that exact same 7.57-year ratio:
Just out of curiosity where did you source these numbers from?
Google AI says
1971 Housing & Cost Data:
Median New Home Price: ~$25,200
Median Family Income: ~$10,622
The average individual income was $5,966.75
This post was edited on 4/22/26 at 12:52 pm
Posted on 4/22/26 at 12:53 pm to Bayou_Tiger_225
quote:
Your entire response was framed at an individual/micro perspective.
nope, industry wide for the big players in my field, and it’s not a government job
quote:
now when the next individual gets into that position, they will either A) not have as many years at peak earning due to forced retirement age or B) stay in said position to an even greater age than the first individual to recoup those lost years
now who’s looking at it from a micro, or “me-crow” perspective?
Posted on 4/22/26 at 12:54 pm to BluegrassBelle
quote:
Almost all new builds in my area (that are starting around 3 bedrooms and just over 1,000 sq ft) are starting at 300K. It’s wild.
First home probably shouldn’t be a new build. Buy an older home in your income range and as you build equity and home values go up and your income increase over time, roll the equity into nicer home.
My first home was a 900sf 3/1 dump with no covered parking. I was 21. I am currently in a 2200sf 4/2 w 3 car garage. Home value $380,000 in North Bossier. I’m 53 and house will be paid off in 2 years. I also made additional house notes through out the years to cut down on the mortgage length.
My daughter and her husband bought a 1400 sf 3/2 for $190,000 about 4 years ago. Have done some minor improvements. They could sell it today for $250,000 based on recent comps and walk out with about $60k in equity to put down on nicer home. They aren’t planning on moving for about 4 more years so that should increase even more by then.
Not saying the buying power of the dollar hasn’t gotten worse because we all know it has but it is laughable when I hear young people today say it’s not possible.
Posted on 4/22/26 at 12:54 pm to theunknownknight
quote:
Young people are screwed, in general, compared to last generations when it comes to opportunity.
Young people are screwed bc they want to be screwed. It’s easier to say “omg this is impossible” than to say “how can I make this work?”
There are ways they can achieve what they want.
Posted on 4/22/26 at 12:54 pm to DCtiger1
quote:
The issue I have is saying it's straight up impossible and there's no hope for current and future generations.
Link to who is saying this?
Posted on 4/22/26 at 12:56 pm to theunknownknight
Life was so much easier back then ....
Could do the ole magnet on the meter if times where tuff or to stick it to the man.
Could work on your own vehicle
If you gave the cable guy some beer you got free cinemax.
Among other things....
Could do the ole magnet on the meter if times where tuff or to stick it to the man.
Could work on your own vehicle
If you gave the cable guy some beer you got free cinemax.
Among other things....
Posted on 4/22/26 at 12:58 pm to Kingshakabooboo
quote:
First home probably shouldn’t be a new build. Buy an older home in your income range and as you build equity and home values go up and your income increase over time, roll the equity into nicer home.
This is what I'm trying to tell these knuckleheads that want to buy above their head on the first house. If you are buying anywhere near the median house price on your first home, you must be doing pretty well.
The rest of us had to start small and work up.
This post was edited on 4/22/26 at 12:59 pm
Posted on 4/22/26 at 12:59 pm to 777Tiger
quote:would you mind sharing the field you work in where entry level employees clear 300k?
nope, industry wide for the big players in my field, and it’s not a government job
quote:don’t think it’s looking at it from a micro perspective when the stated issue is pervasive across all industries and job types.
now who’s looking at it from a micro, or “me-crow” perspective?
Posted on 4/22/26 at 1:01 pm to brass2mouth
quote:
It’s easier to say “omg this is impossible”
quote:
it is laughable when I hear young people today say it’s not possible
quote:
The issue I have is saying it's straight up impossible
It seems like the majority opinion is that it’s more difficult, not “impossible”, and that’s not even really an “opinion” as much as it is a cold hard fact supported by multiple data points.
It feels like y'all are just inventing extreme examples to argue against so that you don’t have to actually acknowledge the problem - which means you should run for public office immediately as you would fit right in.
This post was edited on 4/22/26 at 1:01 pm
Posted on 4/22/26 at 1:01 pm to brass2mouth
quote:
Young people are screwed bc they want to be screwed. It’s easier to say “omg this is impossible” than to say “how can I make this work?”
There are ways they can achieve what they want.
This is an additional point I've been trying to make. There are plenty of options that they are not willing to take, that people in the 1970s were willing to take to make things happen.
Posted on 4/22/26 at 1:02 pm to Bayou_Tiger_225
quote:
Lastly, there are many individuals who will benefit from inheritance, as long as their parents and grandparents don’t use it all on life extension care, which has also dramatically increased in price.
I guess I wonder why it would be different than when my grandparents passed. None of them had years of life extension care. One died instantly of a heart attack young, no care at all for that. Two had stokes and died in their 80s, no long term care there. And one died from cancer that did require care, but still not long term. She was dead within months of the diagnosis and was 84.
Posted on 4/22/26 at 1:02 pm to theunknownknight
I’d like a comparison of the houses being bought on average. Probably not comparing apples to apples.
Posted on 4/22/26 at 1:05 pm to Sus-Scrofa
quote:
I’d like a comparison of the houses being bought on average. Probably not comparing apples to apples.
100% this as well.
The "median" house today has so many more features and costs from 1970s. I bet half the houses back then didn't have air conditioning, elaborate tile work, outdoor kitchens built in.
Definitely not apples to apples.
Posted on 4/22/26 at 1:10 pm to NawlinsTiger9
quote:This. I’m not trying to say it’s impossible. If 100% possible. I’m currently doing it. It’s just annoying as frick to be told by older generations it’s just as easy, when in fact, it is not.
It seems like the majority opinion is that it’s more difficult, not “impossible”, and that’s not even really an “opinion” as much as it is a cold hard fact supported by multiple data points.
Posted on 4/22/26 at 1:16 pm to dgnx6
quote:My point there was that modern medicine has drastically extended our ability to provide late term care for individuals who are medically failing. I’m not saying it’s a bad thing. I’m all for the medical advances that are helping individuals live much longer. But at the same time I recognize that an individuals time in assisted living or a retirement home can be extended much longer than it was 20-30 years ago, which in turn reduces the balance of any potential inheritance that could be passed down.
I guess I wonder why it would be different than when my grandparents passed.
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