Posted on 05/13/2023 10:52:11 PM PDT by Tired of Taxes
Since the 1980s, the economy has changed in ways that are simply difficult to describe. The real impact of inflation and wage stagnation isn’t apparent unless you dig deeper into the numbers. That’s precisely what a recent college grad did when her mother commented on the idea that young workers “expect too much.”
“I think boomers can’t conceptualize this [struggle] because they never had to fight for jobs,” said Cat, a 21-year-old college student. She recently took to TikTok to explain why older workers might find it difficult to empathize with the economic struggles of younger people after a discussion with her mother about mismatched expectations. The video has been viewed 2.2 million times as of May 12.
Cat says her mother made $36,000 a year as an entry-level bank teller in 1980. Meanwhile, the average entry-level worker in America now makes $55,260 a year, according to her calculations. However, when adjusted for inflation the entry-level salary in 1982 — about $33,700 — was closer to $102,200 in today’s dollars.
Effectively, a recent college grad is making half as much as his or her parents did if they graduated 40 years ago. This is also true for low-income workers. The federal minimum hourly wage in the U.S. was $3.10 in 1980 and just $7.25 today. These workers may have doubled their income over 40 years, but it’s apparent the cost of living has accelerated more quickly.
-(SNIP)-
“Boomers had the door wide open and then slammed and barred it behind them,” said one angry commenter to Cat’s video.
(Excerpt) Read more at finance.yahoo.com ...
A large percentage of boomers (1946 to 1964) were born into homes without indoor plumbing.
In 1960 over 7% of homes in America still did not have any water inside of the home, and of course, schools didn’t have A/C nor did homes, as a Houstonian I remember those days, and for the poor and lower middle class, the refrigerators were small and primitive.
Our uninsulated homes were heated with a movable/portable open flame gas heater in the kid’s room with a rubber hose pushed (not screwed-pushed) onto a gas valve at the wall.
they never had an 18% Mortgage.
I was a teller in 85 finishing college and made $6 an hour.
This child is full of crap.
Let me count the ways.
And a large percentage (well over half) of my HS classmates over the legal age of employment (16) worked part-time. I worked my ass off in a grocery store for $1.60 and hour and was happy to get it. I remember the manager making a big deal about giving me a raise. But even naive me knew it was because the minimum wage had increased.
I wonder how many HS kids work part time to earn college and spending money these days. Seems like most of the jobs we had then are either old people or normal working age folks. I think the generation is generally too lazy to do much except complain and making Tiktok videos.
GMAFB. Korea, Vietnam, stagflation, etc. We boomers had it so easy./s
No, no you idiot, entry-level bank tellers did NOT pull in $36,000 a year. Good Lord.
:^)
Some of these young dumbfucks think that the world began when they were born.
Stupid: The true pandemic.
A college friend who got advanced degrees in dance then went to work in the late 70s as a teller for $5.00 an hour. She is a boomer.
Cat says her mother made $36,000 a year as an entry-level bank teller in 1980.
So, Cat was born in 2002 and her mom would have been born circa 1961, meaning mom was 41 at the time she had Cat.
If all this is true, Cat should e thankful her mom didn't abort her out of fear of Downs Syndrome, and/or other problems with advanced age pregnancies.
Sometimes people confuse education with intelligence. You can have a degree and still be a full blown idiot.
Obviously she never lived through the Jimmy Carter years.
Adjusted for inflation the entry-level salary in 1982 — about $33,700 — was closer to $102,200 in today’s dollars.
The wisdom of a college strikes again another Jay walker.
As a first year resident (after graduating med school) I made $21,000 in 1986. for working around 100 hours per week
I was one of the lucky ones, I managed to escape in a balloon during the Jimmy Carter Presidency.
But then you doctors always make the big bucks. :)
Yup. takes 2 people to carry my pay heck it’s so big. 😝
Uneducated ignorant blowhard
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