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This is another interesting data point. In 1997, it took 1,768 hours of work at the median wage to purchase a Dodge Caravan. In 2018, it took just 1,396 hours
by bhupy 6y ago
This is another interesting data point.
In 1997, it took 1,768 hours of work at the median wage to purchase a Dodge Caravan. In 2018, it took just 1,396 hours of work at the current median wage.
In 1997, it took 1,565 hours of work at the median wage to purchase a Toyota Camry. In 2018, it took just 1,258 hours of work at the current median wage.
Also, not only do you work fewer hours today than 20 years ago, the car you get is of higher quality / safety.
https://twitter.com/jmhorp/status/1230516154281553920 https://twitter.com/jmhorp/status/1230516154281553920
- C1sc0cat 6y agoI don't think the average working week has declined in the last 20's years and a lot of salaried workers work unpaid over time now.
- bhupy 6y agoAn interesting hypothesis, but even that hasn't been observed to be true: https://fred.stlouisfed.org/series/AVHWPEUSA065NRUG https://fred.stlouisfed.org/series/AVHWPEUSA065NRUG In the '90s, the increase in income was partially attributable to employees putting in more hours every year, whereas in the recent boom working hours per employee were effectively constant. So the in the 2010's, income growth wasn't just bigger, it was of higher quality -> https://twitter.com/Noahpinion/status/1308790402082766849 https://twitter.com/Noahpinion/status/1308790402082766849 Finally, the number of hours of the working week is irrelevant in the context of the "number of hours required to buy X" metric.