4 ms·
Not entirely, the problems are also that wages haven't kept up with inflation; $9,000 salary in 1970 would be $75,000 today, and the automakers realized they ma
by moneycantbuy 8mo ago
Not entirely, the problems are also that wages haven't kept up with inflation; $9,000 salary in 1970 would be $75,000 today, and the automakers realized they make more profit in financing than on the vehicle itself, optimizing the maximum they can squeeze someone who needs a vehicle, hence 96 months for an auto loan.
- WillPostForFood 8mo ago$9,000 salary in 1970 would be $75,000 today That's actually in the range of what contractors make today. Some sources: GLassdoor: 67k https://www.glassdoor.com/Salaries/contractor-salary-SRCH_KO0,10.htm https://www.glassdoor.com/Salaries/contractor-salary-SRCH_KO... Finturf: 75k https://finturf.com/blog/how-much-do-contractors-make/ https://finturf.com/blog/how-much-do-contractors-make/ BLS: 91k https://www.bls.gov/ooh/management/construction-managers.htm#tab-5 https://www.bls.gov/ooh/management/construction-managers.htm...
- _DeadFred_ 8mo agoAlso if we are going to say the truck of yesterday is better now, productivity today is 2x what it was, so that $75,000 should be more like $150,000 (since we have to account for things improving for their higher price, we can't ignore productivity improving, that would make for warped comparisons).