3 ms·
This doesn't address the claim oblio was making - 'People are poorer than they were in 1990, especially the mid to lower classes' - real GDP per capita could do
by patmcc 3y ago
This doesn't address the claim oblio was making - 'People are poorer than they were in 1990, especially the mid to lower classes' - real GDP per capita could double but it all be captured by the top quartile, for example.
(I think the claim is still wrong, and that all quartiles are doing better in real terms, but that's a tougher thing to measure)
- lumost 3y agohttps://wtfhappenedin1971.com/ https://wtfhappenedin1971.com/ Annual wages are about 15% higher today compared to 1971 in real terms. Real terms is a bit suspect in this case as wage earners are more likely to pay nominal rent then owner equivalent rent. It may well be accurate that the average wage earner is worse off today then they were in 1971. I'd venture a speculation that this is reflected in media, sitcoms of the 70s rarely had roommates - and the 80s/90s poked fun of those who lived in their parents basements. Roommates are relatively common in shows today.
- fouc 3y agoShared living arrangements have been prevalent long before the 70s, boarding houses and the like. I wouldn't rely on film and television industry to be exactly that representative of the times.
- smackeyacky 3y agoWell forget that facile analysis and go back to your parents generation. They afforded houses, current generation cannot afford houses. It’s obvious that the current generation got gypped.
- chipdart 3y ago> Annual wages are about 15% higher today compared to 1971 in real terms. Since 1971, the cumulative inflation rate was around 700%, with an average annual inflation being well over 3%. So while wages increased 15%, the price of everything else around us increased over 700%.