https://wtfhappenedin1971.com/
Annual wages are about 15% higher today compared to 1971 in real terms. Real terms is a bit suspect in this case as wage earners are more likely to pay nominal rent then owner equivalent rent. It may well be accurate that the average wage earner is worse off today then they were in 1971.
I'd venture a speculation that this is reflected in media, sitcoms of the 70s rarely had roommates - and the 80s/90s poked fun of those who lived in their parents basements. Roommates are relatively common in shows today.
Shared living arrangements have been prevalent long before the 70s, boarding houses and the like. I wouldn't rely on film and television industry to be exactly that representative of the times.
Re:Why the 2% Inflation Target? (2023)
by smackeyacky on Saturday March 23, 2024 @04:06AM
(#39798289)
Well forget that facile analysis and go back to your parents generation. They afforded houses, current generation cannot afford houses. It’s obvious that the current generation got gypped.
> Annual wages are about 15% higher today compared to 1971 in real terms.
Since 1971, the cumulative inflation rate was around 700%, with an average annual inflation being well over 3%.
So while wages increased 15%, the price of everything else around us increased over 700%.
The 15% increase in wages is in real terms, meaning it's already been adjusted with inflation. Think of it this way: in nominal terms, wage increase would be 715%.
(I think the claim is still wrong, and that all quartiles are doing better in real terms, but that's a tougher thing to measure)