Quote:
Originally Posted by chassis
Agree. From 1980-1990 incomes rose on average 8% per year, compared wit 5% growth from November 2013 to November 2023 (latest data available).
In a smaller time window from November 2018 to November 2023, income increased only a bit more than 5% per year, through the pandemic and inflation bumpiness.
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housing cost to income ratio has never been as high
we've never had prices as high as now COMBINED w interest rates as high
eductation wasn't remotely as expensive back then neither was health care
wage growth YoY was also higher... whe the economic scenario back then may not have been rosy, the inequality between haves and have nots was not even remotely as far off... this was also back when employers actually cared about their employees and gave out pensions
i personally know people that came here to the us in the 80s w nothing and become millionaires... their cousins today, wouldn't even remotely entertain the idea as the baseline is so hard to reach today