return2ozma‘They Are Just Pissed Off’: Scott Galloway Warns Young People Are ‘Opting Out of America’ As Older Generations Failed Them
wildbus8979Oh I thought it was because they like Trump, are Russian bots, and tankies. At least if people here are to be believed.
Each successive generation has a higher income even accounting for inflation
That chart lacks context. The cost of living has drastically increased with each generation as well, far outpacing the increase in wages.
The cost of living is tracked by inflation, that’s what inflation is
It looks like there’s nothing I can say to make you see, but even accounting for inflation, the cost of living has been outpacing wages for decades! That’s why the average US worker in the 1950s could support a home with their wages alone, but today, two people working full-time jobs still can’t afford a home.
That’s because the cost of living has been outpacing wages.
But that’s only true in the 1970s and 1980s. In recent years wages have outpaced inflation
Why is home ownership now higher than before?
you keep reposting this shit graph even after it’s been pointed out that it’s meaningless…
Nobody actually addressed it, they just kept saying it’s bad without any argument. Why didn’t people buy homes in the 1960s?
Why didn’t people buy homes in the 1960s?
Your graph doesn’t actually show that, as that source doesn’t include the first year referenced on the x-axis. Even then, it actually shows an upwards trend into the 1970s, so I don’t even know what you’re talking about with this. How about this, why don’t you post a more recent chart from the same source shown in the bottom of the image?
What a shock, but it seems to show homeownership is trending downwards at a faster rate than in any 4-year period in the last 44 years, which contradicts the bullshit you’re trying to peddle that things are better than they’ve ever been. If the current trend holds, homeownership will be at its lowest rate in over 60 years in just over another 4.5 years. The currently available options only let you go back as far as New Year’s Day, 1980.
It looks like you can’t read graphs, the current trend is up
Cost of living is not strictly inflation, it also includes necessary expenses that previous generations did not have to account for, minus necessary expenses that they did have to account for but which current ones do not. These expense changes occur continuously due to social, cultural, and technological changes, so it’s kind of hard to honestly compare among generations, and more drastic the further apart they are.
Example: to get and keep my job today, I had to have a phone and a residence, a college degree in a specific field, and a certain level of personal hygiene. For my great-grandfather, to find a job that gave him the same purchasing power in terms of food, shelter, healthcare, and leisure, he needed a willingness to work, a bit of strength, and to not be sick. The need for a car to get to work and the grocery store, deodorant for men, home phones, social security, and education requirements weren’t even things back then. Medicine was nowhere near as advanced so costs were much lower, but you might actually die from things that we would consider mundane inconveniences today. Pensions still existed, and provided enough to actually live in old age. He didn’t buy a house, he built it, without any of the code/safety requirements of today.
Longer-term expense commitments for my grandparents: a vehicle, gas for heating instead of coal, ice blocks for their ice box to keep perishable foods longer. These brought many improvements that were worth the added expenses. They could still afford to have 5+ children (both sets of grandparents) on a single working-class home.
My parents needed a second car because they needed a second income, both jobs requiring more education, to support fewer children in poorer conditions, with a smaller house. My grandfather discouraged my dad from getting a job in the trades (where he worked his whole life) because of the detriment it caused to his physical health, and a recession and conservative deregulations had gutted the trade unions so they could no longer provide the same level of benefits and could only provide seasonal/inconsistent work opportunities. He had to take on a second career after his first.
With no kids and a good job, I still couldn’t even dream of getting a mortgage until well into my 30s, and most of my generation still can’t. And the generations behind me are clearly worse off than me. Their education costs are double mine, but neither wages nor inflation have doubled in that time! While available quality of life is higher now, it’s nowhere near guaranteed. The increase in cost of living is undeniably much higher than the rise in inflation has been.
This might be different in your country, but in the US this isn’t true.
Inflation doesn’t track cost of living - it includes things like military expenses in its basket of goods. Cost of living is indexed by the Consumer Price Index (CPI) which only includes items that households purchase in its basket of goods. However, even CPI is flawed since it still fails to account for shrinkflation and is artificially kept low to keep social security payments lower (and the system solvent).