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?
You’re right, but also that number could be $180k and I doubt you’d see much difference, they’d have more expensive cars, maybe a nicer house, and take a fancy vacation but still be at the same place at the end of the month.
Not to detracg from the cost of living crisis, just that some of it is simply the lifestyles we choose to spend on
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.
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.
You’re right, but also that number could be $180k and I doubt you’d see much difference, they’d have more expensive cars, maybe a nicer house, and take a fancy vacation but still be at the same place at the end of the month. Not to detracg from the cost of living crisis, just that some of it is simply the lifestyles we choose to spend on
deleted by creator
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!).
deleted by creator
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.