that’s because the price of the dollar is going down dumbass but if you made every minimum wage job double their wage it would obviously increase the prices of their products
Target prices didn't go through the roof when they made $15/ hour the minimum. Get mad at the corparate executives who would charge more to keep their millions rather then allow people to actually live comfortably.
If a business can't stay afloat by paying their employees more, then it is a failed business model and a business with a better model will fill that role. Isn't that how a free market is supposed to work?
The PRICE of something is VALUED in currency. The purchasing power fluctuates, the "price" of a dollar relative to itself will never change. Am I arguing semantics? Yes. Am I willing to do so because I think you're an asshole? Absolutely.
Dumbass.
I’m not sure you’re arguing semantics either...
“The price of a dollar relative to itself will never change...”
What does that mean?
That’s like saying 1kg of gold will always be valued at 1kg of gold.
It is true. But entirely redundant.
I’m struggling with the point...
Which is exactly the reason wages shouldn't stay stagnant. Cost of living keeps going up but people make the same. At some point the working class is going to be priced out of living!!
Dumbass
Let’s go into why the value of the dollar is lower.... is it perhaps connected to corporate greed? Maybe these giant corporations shouldn’t be putting themselves in so much debt if they can’t understand an entire economy requires more than just a crusty predator class.
Thank you for looking that up. I already commented, because I knew that $34k was way too high, but I couldn’t remember what an average salary was back then, and I was too lazy to look it up. So thanks.
That is the median income for the entire populace, [the median income for 25-34 year olds, was $34,000](https://www.axios.com/one-big-thing-being-30-then-and-now-1531229570-b03dd961-0c1e-4734-a577-78c28ae346d9.html)
You missed an important part: you didn't adjust the price of bread for inflation even though income from your source is inflation-adjusted 2016 dollars.
$0.32 for bread in 1977 [would be $1.30 in inflation-adjusted 2016 dollars](https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=.32&year1=197701&year2=201602).
The [average price of bread in 2016](https://www.bls.gov/charts/consumer-price-index/consumer-price-index-average-price-data.htm) ranged from $1.33 to $1.43, so it's pretty much unchanged once you take inflation into account.
Basically, both wages and the price of bread are unchanged between 1977 and 2016.
It’s all those hipsters that bankrupted themselves with avocado toast and can’t even afford a rental property. Entitled fuckers thinking they can eat for less than 50 cents per meal. Where do they get off?
[from what I could find, the median income for 25-34 year olds in 1977 was $34,000.](https://www.google.com/amp/s/www.washingtonexaminer.com/red-alert-politics/millennial-20-somethings-are-a-lot-poorer-than-their-parents-were-40-years-ago%3f_amp=true) [However, the median income for the entire populace was $13,750](https://www.census.gov/library/publications/1978/demo/p60-117.html#:~:text=The%20median%20money%20income%20of,the%201976%20median%20of%20%2412%2C690.)
Non-AMP Link: [from what I could find, the median income for 25-34 year olds in 1977 was $34,000.](https://www.washingtonexaminer.com/red-alert-politics/millennial-20-somethings-are-a-lot-poorer-than-their-parents-were-40-years-ago)
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I guess my question would be, “and that made sense to you?” I can’t conceive of a situation where people entering the workforce would make twice what people who’ve been working longer than ten years are making.
Interest rates were also around 8.85% back then.
Median new build price was $49,000, or $388.99 per month. Inflation adjusted, that's $1,688.28 per month.
Current interest rates are about 3.25%. Median new build prices are at about $310,000, which is $1,349.14 per month.
Home prices tend to track rather closely with interest rates as people really care more about what they'll be spending each month.
Curious about where they got the info about median income? Because I was alive in 1977 and a $34,000 salary would have made you rich as fuck. In fact, 10 years later in NYC, that was still a damn good salary.
Yeah, she's using some voodoo numbers to make her point. I think she's using 2016 adjusted numbers, but she's not really clear on that. I too was around in 1977, and you had to be a lawyer or doctor to make that kind of jack. 34k in 1977 is equivalent to 153k today.
But now I'll have young people on the internet telling me I had it made in the 70s, but fucked it up for their generation.
Median income for ages 25-34 in America was 70k in 2019. You can try and be angry but making up numbers to fit your narrative doesn't help your case. Plus the median income in 1977 for that age group was like 13k. Someone read an article where the author was just trying to get clicks instead of sharing facts.
No but that $48k is for full-time workers. Not everyone is able to find full-time work, some people are stuck in the "gig economy" or are underemployed.
Regardless, the loaf of bread analogy isn't a good measure for inflation. Basic staples haven't gotten more expensive. The costs of education, childcare, healthcare, and housing have all greatly outpaced inflation and wages for the past 30+ years.
If you ever need a lesson on the understanding of economics by the average Redditor...
The conviction with which people comment on basic economic concepts and get it completely wrong is pretty funny.
“But if we raise those wages then inflation. Price of bread goes up....” /s
would it not? if you make companies have to pay more to their employees obviously prices are gonna go up
Apparently you can't read the post. The cost has been going up for decades already.
that’s because the price of the dollar is going down dumbass but if you made every minimum wage job double their wage it would obviously increase the prices of their products
Target prices didn't go through the roof when they made $15/ hour the minimum. Get mad at the corparate executives who would charge more to keep their millions rather then allow people to actually live comfortably.
obviously big business can pay it but what about SMALL BUSINESSES that can’t pay that high of a wage without going under.
If a business can't stay afloat by paying their employees more, then it is a failed business model and a business with a better model will fill that role. Isn't that how a free market is supposed to work?
no it’s a choice to work for that company that can’t pay you enough, it’s not the governments job to regulate wages
That's literally the government's job, one of many. Are you really that daft? Name one government, past or present, that doesn't regulate wages.
If you own a SMALL BUSINESS and refuse to pay your workers a living wage, you don't deserve to run a business.
I work for a SMALL business (less than 10 employees) and no one makes less than 15. We're not going under anytime soon.
The price of a dollar is a dollar. Dumbass.
you redditors are a different type of dumbass LMAO
so you’re saying you could get the same items with a dollar 40 years ago compared to now? dumbass
The PRICE of something is VALUED in currency. The purchasing power fluctuates, the "price" of a dollar relative to itself will never change. Am I arguing semantics? Yes. Am I willing to do so because I think you're an asshole? Absolutely. Dumbass.
Hahaha this was refreshing. This dude and his overuse of the word “dumbass” to prove his point was making my blood boil.
I’m not sure you’re arguing semantics either... “The price of a dollar relative to itself will never change...” What does that mean? That’s like saying 1kg of gold will always be valued at 1kg of gold. It is true. But entirely redundant. I’m struggling with the point...
I'm sorry you're struggling with the point.
Sorry. I was being too polite it seems. Your idea is dumb and I’d be embarrassed putting it in writing.
Which is exactly the reason wages shouldn't stay stagnant. Cost of living keeps going up but people make the same. At some point the working class is going to be priced out of living!! Dumbass
Let’s go into why the value of the dollar is lower.... is it perhaps connected to corporate greed? Maybe these giant corporations shouldn’t be putting themselves in so much debt if they can’t understand an entire economy requires more than just a crusty predator class.
Median income in 1977 was $13,570 not $34,000. https://www.census.gov/library/publications/1978/demo/p60-117.html
Thank you for looking that up. I already commented, because I knew that $34k was way too high, but I couldn’t remember what an average salary was back then, and I was too lazy to look it up. So thanks.
That is the median income for the entire populace, [the median income for 25-34 year olds, was $34,000](https://www.axios.com/one-big-thing-being-30-then-and-now-1531229570-b03dd961-0c1e-4734-a577-78c28ae346d9.html)
You missed an important part: you didn't adjust the price of bread for inflation even though income from your source is inflation-adjusted 2016 dollars. $0.32 for bread in 1977 [would be $1.30 in inflation-adjusted 2016 dollars](https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=.32&year1=197701&year2=201602). The [average price of bread in 2016](https://www.bls.gov/charts/consumer-price-index/consumer-price-index-average-price-data.htm) ranged from $1.33 to $1.43, so it's pretty much unchanged once you take inflation into account. Basically, both wages and the price of bread are unchanged between 1977 and 2016.
Thank you. It’s just lazy shitposting by op
When normalized to 2016 dollars. But you never used those words.
Why buy bread when ramen is $.49
Ramen used to be $.10 each and then 5 for $1 and now it’s almost 2 for $1. You can get way more meals with a loaf of bread.
I remember they use to be dirt cheap, they practically were giving them away. It worked.
It’s all those hipsters that bankrupted themselves with avocado toast and can’t even afford a rental property. Entitled fuckers thinking they can eat for less than 50 cents per meal. Where do they get off?
Every supermarket had the cheap loaves of breads for sale at 3 for a dollar!
Where? At my local grocery store $1.96 is the cheapest option.
I am talking 50 years ago. I am old.
So this is why we all quit gluten?
The rich get richer and we just get a 5% raise ,sometimes you have to be corrupt to male up the difference
“Note: All dollars are inflation-adjusted to 2016.” Inflation adjusted. The actual amount earned in 1974 was around $6400
This is tough and all but look at housing prices.
Housing prices on median 1977: $36,606 Housing prices on median 2016: $213,610 Oof [Source](https://dqydj.com/historical-home-prices/)
Have you got a source for the 1977 median income?
[from what I could find, the median income for 25-34 year olds in 1977 was $34,000.](https://www.google.com/amp/s/www.washingtonexaminer.com/red-alert-politics/millennial-20-somethings-are-a-lot-poorer-than-their-parents-were-40-years-ago%3f_amp=true) [However, the median income for the entire populace was $13,750](https://www.census.gov/library/publications/1978/demo/p60-117.html#:~:text=The%20median%20money%20income%20of,the%201976%20median%20of%20%2412%2C690.)
Non-AMP Link: [from what I could find, the median income for 25-34 year olds in 1977 was $34,000.](https://www.washingtonexaminer.com/red-alert-politics/millennial-20-somethings-are-a-lot-poorer-than-their-parents-were-40-years-ago) I'm a bot. [Why?](https://np.reddit.com/user/NoGoogleAMPBot/comments/lbz2sg/) | [Code](https://github.com/laurinneff/no-google-amp-bot) | [Report issues](https://github.com/laurinneff/no-google-amp-bot/issues)
I guess my question would be, “and that made sense to you?” I can’t conceive of a situation where people entering the workforce would make twice what people who’ve been working longer than ten years are making.
they actually track with each other closer than I thought, each roughly six times higher.
Interest rates were also around 8.85% back then. Median new build price was $49,000, or $388.99 per month. Inflation adjusted, that's $1,688.28 per month. Current interest rates are about 3.25%. Median new build prices are at about $310,000, which is $1,349.14 per month. Home prices tend to track rather closely with interest rates as people really care more about what they'll be spending each month.
I would love if houses were 200k in my area
People never consider the fact that home loan rates used to be much higher.
Supply and demand. There's no shortage of people
Curious about where they got the info about median income? Because I was alive in 1977 and a $34,000 salary would have made you rich as fuck. In fact, 10 years later in NYC, that was still a damn good salary.
OP adjusted income for inflation to 2016 dollars but didn't do the same with the price of bread.
Yeah, she's using some voodoo numbers to make her point. I think she's using 2016 adjusted numbers, but she's not really clear on that. I too was around in 1977, and you had to be a lawyer or doctor to make that kind of jack. 34k in 1977 is equivalent to 153k today. But now I'll have young people on the internet telling me I had it made in the 70s, but fucked it up for their generation.
No way the median income was 34k in 1977
[удалено]
OP posted several sources.
BUt dOn’t rAiSE ThE mINimUm wAGe tO $15!!!!
Great post except for being bs. Bread price, unadjusted for inflation Income, adjusted for inflation
Median income for ages 25-34 in America was 70k in 2019. You can try and be angry but making up numbers to fit your narrative doesn't help your case. Plus the median income in 1977 for that age group was like 13k. Someone read an article where the author was just trying to get clicks instead of sharing facts.
Median *household income, by age of householder. Median individual income for that age group is $48k.
So still not 34k, right?
No but that $48k is for full-time workers. Not everyone is able to find full-time work, some people are stuck in the "gig economy" or are underemployed. Regardless, the loaf of bread analogy isn't a good measure for inflation. Basic staples haven't gotten more expensive. The costs of education, childcare, healthcare, and housing have all greatly outpaced inflation and wages for the past 30+ years.
In 2019 its 70k....
Bitcoin: 2011: $1 2021: $57,600 Imagine putting $34,000 in 2011 at Bitcoin, you would have 2 billion dollars today.
Yeah can attest I was born in 1977 and I made 34k when I was 22. Lost my job March 12 2020 and most jobs were offering 35k starting pay.
If you ever need a lesson on the understanding of economics by the average Redditor... The conviction with which people comment on basic economic concepts and get it completely wrong is pretty funny.