Tech Is Splitting the U.S. Work Force in Two

Re:Tech Is Splitting the U.S. Work Force in Two by barry-cotter on Tuesday February 05, 2019 @10:08AM (#19085894)

Measured in 1960 US$ the UK’s GDP per capita was 1181[1]. In 2016 US$ U.K. GDP per capita was 40,341[2]. Even if we assume the 2016 dollar is worth half as much as the 1960 one because of inflation the average U.K. resident is 15 times better off. If people wanted to live in 1960s houses with what people in the 1960s would have considered a lavish standard of living they could do it easily by working half the year, or having a part time job. The 1960s were already a hell of a lot better than 1930, when the essay was written.

If you want to live in the paradise Keynes described you can. That’s what the financial independence, retire early subculture is about[3]. Work for 20 years and retire instead of 40 or 50. Or those people who contract half the year and spend half of it in Thailand. If we wanted to take more of our compensation in leisure we absolutely could. People choose not to. They need to keep up with the Jones.

[1]https://en.wikipedia.org/wiki/List_of_regions_by_past_GDP_(P...

[2]https://data.worldbank.org/indicator/NY.GDP.PCAP.CD

[3]http://www.financialindependenceretireearly.com/

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Re:Tech Is Splitting the U.S. Work Force in Two by nybble41 on Wednesday February 06, 2019 @05:28PM (#19100753)

> Even if we assume the 2016 dollar is worth half as much as the 1960 one because of inflation...

Try one-eighth as much.

http://www.in2013dollars.com/1960-dollars-in-2016

> Converted amount ($100 base) $810.83

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Re:Tech Is Splitting the U.S. Work Force in Two by notfromhere on Tuesday February 05, 2019 @11:55AM (#19087083)

run that through an inflation calculator and you'll be unpleasantly surprised.

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