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 ...
$36,000/year as a bank teller invalidates any further commentary in this piece. Steaming pile of BS.
If only she had taken to reading.....
...the facts. Instead of going to TikTok, and "preaching" something she knows nothing about.
"“There are none so blind as those who will not see. The most deluded people are those who choose to ignore what they already know.” — John Heywood
Yes. Ridiculous. She needs to retake history. We had worse inflation than this in the 70s. Much worse unemployment. Real wages have not gone down. I will grant you that real wages haven’t increased though. The main reasons for that are women entering the workforce and immigration. Also, taxes are higher for the middle class. I blame all those problems on the government.
I just recall the guy in my radar shop made 36,000 in 1987.
He was a GS-11 retired AF support engineer.
Mr C. was his name. Taught me how to think about and fix a TPS-43E, would even share a beer at the nudie bar outside the base.
I can pretty much concur with this. I was not a baby boomer (born just before the war) but in my best days never made the kind of money that is generally paid nowadays. I was a trained & skilled tradesman & my best year was about $34000. My beginning was a lot less & my worst years ( some were AFTER the time I made $34000)....well, we might not even want to talk about. Never went to college. Worked about 50 years in my trade.
I can pretty much concur with this. I was not a baby boomer (born just before the war) but in my best days never made the kind of money that is generally paid nowadays. I was a trained & skilled tradesman & my best year was about $34000. My beginning was a lot less & my worst years ( some were AFTER the time I made $34000)....well, we might not even want to talk about. Never went to college. Worked about 50 years in my trade.
Let’s assume that us boomers did, in fact, make more money in 1980 adjusted for inflation than recent college grads. How many of us graduated with STEM degrees back then as compared to the Gen Z grads? I don’t recall very many people graduating back then with degrees in women’s’ studies, LGBTQ+ studies, afro studies etc. And how many of us boomers stayed loyal to our employers, worked overtime, and went the extra mile as we worked our way up the pays scale over many years as opposed to Gen Z who in my experience barely perform at the most minimal level that allows them to keep their job (”silent quitting”), and often change jobs multiple times in relatively short periods of time.
I was about to write: Maybe her mom saw it. :-)
But, then I noticed the video is still up on TikTok: https://www.tiktok.com/@cataloguing/video/7207451076751002923
Thank you for the responses!
Your story sounds right. No way did bank tellers earn $36K in 1980. Either this woman is mistaken, or her mother held a much higher position with the bank.
The kids want more government. They should start voting like we do.
Voting? Pay attention. There’s no voting anymore
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