4 ms·
> Is minimum wage workers affording an average 1-2 bedroom apartment with no other householders a goal we have set? It's not a goal we set but it's one we most
by flukus 6y ago
> Is minimum wage workers affording an average 1-2 bedroom apartment with no other householders a goal we have set?
It's not a goal we set but it's one we mostly achieved none the less, depending on your specific area and minimum wage. A blue collar (minimum - low wage) worker used to be able buy a house and raise a family on a single income. People are poorer than they were decades ago, at least where it counts.
- throwaway53457 6y agoThis is likely one of the unintended side effects of 1) women entering the workforce 2) higher retirement age. With double the supply, it meant you could no longer raise a family on a single income, because the money is shared between more people.
- thephyber 6y ago> With double the supply ... In a multivariable equation, you can't only look at one variable and call it a day. How much has demand changed? How much has the population of the USA grown? How many immigrants has the US taken in? How much more efficient is each marginal employee in a blue collar job now compared to then? How well do USA exports compete with other countries? How well does the USD exchange rate compete with the currencies of those other exporting countries? How much have the average work benefits changed over the same period of time? How much has the US cost of living grown? What is the US labor participation rate?
- throwaway53457 6y agoI wasn't looking at a single variable, I was looking at two. You're right of course. The problem is many of those things you're referring to (e.g. cost of living) is directly influenced by said supply. People aren't having families as much, but that means there's now an oversupply of expensive family homes.)