That’s exactly it. Cost of living has outpaced wages for 50+ years. $100k might sound like a “made-it” salary, but it’s actually not that compared to buying power of previous generations.
My sister and her husband make $65k a year each and they’re living paycheck to paycheck. If $130k a year doesn’t pay for a mortgage, car payments, and raising your kids, what are we even bothering for?
Have you tried living off $9.24 an hour? That’s about $370 a week before taxes.
Average rent in the US was $1372 a month 2023, which means just buying power isn’t enough to figure this out. Many people who already own property miss the fact that it’s largely impossible not to rent forever for anyone born after 1990, and extremely hard for anyone born after 1980 (on average – it differs for cheaper areas, which won’t be cheaper for much longer based on trends).
I’d argue we have multiple factors. Inflation is a huge one, but cost of living has in many ways outpaced inflation. Those two alone are additive, which is why even the current California minimum wage of $15.50 is not enough.
Let’s leave it as an amorphous amount for now, and I’ll ask a different question: what about a potential $50 minimum wage upsets you? What makes that a bad idea, in your view (and if you don’t believe it is, apologies in advance!).
Most major inflation indices omit things like the cost of food and housing. So, they are only marginally useful in looking at the financial experiences of the populace.
Sounds insane until you consider the purchasing power of the dollar over the last few decades. These boomers railing against wave hikes cause they retired in 15/hour would have effectively been making 70 or more today. You need a 6 figure salary today to enjoy a life comparable to what your grandparents or great grandparents enjoyed on a single salary bringing home 10/hour
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I make $100 k / year in the bay area, and I am fucking poor. It’s dumb.
That’s exactly it. Cost of living has outpaced wages for 50+ years. $100k might sound like a “made-it” salary, but it’s actually not that compared to buying power of previous generations.
My sister and her husband make $65k a year each and they’re living paycheck to paycheck. If $130k a year doesn’t pay for a mortgage, car payments, and raising your kids, what are we even bothering for?
We’re overdue for a demonstration, nationwide.
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Have you tried living off $9.24 an hour? That’s about $370 a week before taxes.
Average rent in the US was $1372 a month 2023, which means just buying power isn’t enough to figure this out. Many people who already own property miss the fact that it’s largely impossible not to rent forever for anyone born after 1990, and extremely hard for anyone born after 1980 (on average – it differs for cheaper areas, which won’t be cheaper for much longer based on trends).
I’d argue we have multiple factors. Inflation is a huge one, but cost of living has in many ways outpaced inflation. Those two alone are additive, which is why even the current California minimum wage of $15.50 is not enough.
Let’s leave it as an amorphous amount for now, and I’ll ask a different question: what about a potential $50 minimum wage upsets you? What makes that a bad idea, in your view (and if you don’t believe it is, apologies in advance!).
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Most major inflation indices omit things like the cost of food and housing. So, they are only marginally useful in looking at the financial experiences of the populace.
Sounds insane until you consider the purchasing power of the dollar over the last few decades. These boomers railing against wave hikes cause they retired in 15/hour would have effectively been making 70 or more today. You need a 6 figure salary today to enjoy a life comparable to what your grandparents or great grandparents enjoyed on a single salary bringing home 10/hour
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