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Do you think today's median worker would take a 20% (adjusted dollars) pay hike in exchange for having to live in 1973's economy? I don't think so (I wouldn't d
by twoodfin 11y ago
Do you think today's median worker would take a 20% (adjusted dollars) pay hike in exchange for having to live in 1973's economy? I don't think so (I wouldn't do it for 100%!), which suggests your statistics are painting an incomplete picture.
Cost of living goes up when there's more desirable stuff to live on, not just bare monetary inflation. And wages aren't equal to income. Also, demographics! Many more workers, including more per household and more newer to these shores.
- larzang 11y agoCost of living is essentials: food, housing, healthcare. It has nothing to do with what electronics you can buy.
- tzakrajs 11y ago1970s healthcare vs 2010s healthcare isn't an important difference? edit: grammar
- yardie 11y agoMy single mother raised 4 kids and bought a house on 1980s money, like $2-3 above minimum wage then. I'd take that bet. Pay off my 15-year mortgage in 5 years and dump the rest of my money into savings. Then when the kids got old enough for college I'd write a check for the hundreds of dollars it would cost for a 4-year education. Do you know anything of the 70s economy?