Data Points:
Federal Minimum Wage
1970 - $1.45
2023 - $7.25
Median Home Price (US)
1970 - $23k
2023 - $431k
In 1970, the down payment on a home (15% or $3,450) would take ~3,000 hours (after tax) or 1-1/2 years at FMW (40 hours a week).
In 2023, it would take ~10,790 FMW hours (after tax), or 5 years 3 months AND you'd never be able to afford the payments.
...
This is a good thing to remember when the older generations mock the younger for not building wealth as they did.
@PadreSJ in 2004 I made $7.50/hr
In 2021 I was told I would get $12.00/hr for the same position.
In 2007 as a PIC (hourly shift manager), IIRC I made $15.00/hr.
In 2022 as a PIC it was $16.00/hr, bumped up to $17.00/hr this year due to my experience a decade ago as a General Manager.
Nevermind rates from the 70s and before, wages haven’t kept up with inflation or CoL increases since 9-11.
@PadreSJ heck, missing a day of work to get my eye checked due to blood floating in it, and Thanksgiving being an unpaid holiday, means I don’t know how I’m paying December rent, aside from *once more* relying on the generosity of others, likely those who have helped me before and can ill-afford to do so again.
I’m so tired, Padre.
PadreSJ
Kaiyalai