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this post was submitted on 04 Aug 2023
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But minimum wage is $7.25/hr, so $31 is more like four hou... oh wait.
They meant back in the day it took that time
I know! The point is that we're seeing the combined effect of ticket prices increasing relative to inflation and minimum wage falling relative to inflation, compounding the unaffordability.
I talk about the real cost of living all the time.
1960 minimum wage was $1.00/hour and the cost of the average house was $11,000.00. Cost of the average house today is over $300,000.00. Minimum wage should be $30.00/hour, right?
As someone who works in the residential housing industry, the difference between an $11,000 1960s house and a 2023 $300k house is staggering.
Granted, nobody is building houses that are 750-900 SF with one bathroom and no garage (in the US) these days, mainly because they can make more per lot by building bigger, and land is what is in short supply (in desirable, public service areas).
Houses are still impossibly priced for minimum wage because while housing prices have increased (median) 4-5% per year, wages have been lagging for two decades. And that really is a loss in buying power by about a factor of two.
Or you can just get a house that was built during that time period and is worth that much
But nah you want all the modern comforts for less effort on your end like a true little virtue socialist
So, you think that things like air conditioning were invented because of inflation?
You think they won't increase the price of the house?
You used to pay more for things like an automatic transmission in a car, power windows, radio, and air conditioning.
A VCR was an incredible luxury.
At the technology improves, the price of things should go down.