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 ...
This one claims her mother's starting salary as a bank teller in 1980 was $36,000/year. (The video is linked in the article.)
In what universe did a bank pay a teller that much money 43 years ago?
People who were alive in 1980 are disputing her numbers in the Yahoo comments.
Thought some of you might like to weigh in here on FR.
(Posted in Chat)
My sister was a teller in the late 80’s and early 90’s and didn’t make anything near $36,000 per year.
While there are numerous exceptions and I am blessed to know some of them, this is a terribly low-information and obnoxious generation.
I remember that time and $300 a week was more like it.
Well kid you have to start at the bottom ….
You don’t get to be the CEO right out of college ….
LOL. Did they confront 18% mortgage rates and 13% inflation.
To be fair, the feds have jimmied the calculation of inflation so much that the numbers today are not comparable to the numbers in 1980.
LOL
I don’t believe that entry level figure for a bank teller.
I began as a teller in a small town in 1981, and I can’t remember my exact salary, but I cleared about $500 a month after taxes.
Ignorant, narcissistic little brats, who should have been spanked.
Ford’s Whip Inflation Now.
Its funny every generation thinks they are the worst off.
“…this is a terribly low-information and obnoxious generation.”
That is generally very true. But, like you, I know lots of my kids friends in their early to mid 30s and most are doing well and have good established careers, are buying houses, and starting families.
Of you could flip them over...NIM....”Need Immediate Money.”
Yep, sounds like they were raised right.
My friends and I were delighted to see quite a few in their 20s and 30s at a Trump rally in late March. Friendly, polite, articulate, smiling, not all covered in tats and piercings…there’s hope yet!
A GS-11 in the government wasn’t even making that.
If you had to work late the guard would walk you to your car.
You did battle for a job like that.
I was a little further down on the ladder with my job at the gas station and convenience store. I worked third shift so I got a dime more an hour.
Well even Ted Koppell had to start in the mailroom they need a reality check.
1980 was the year my personal fortunes changed, very much for the better. I made an offhand comment about how bad inflation was, and a friend pointed out that he had personally benefitted greatly from inflation. I thought about that claim for about a week, and started investing every nickel I could in assets which would withstand inflation.
The real point is that inflation is not something I can control and is also something that greatly benefits the government. (Borrowed money is repaid in inflated dollars.) The government will always talk a good game on inflation, but will encourage it when you are not looking. Your job is to arrange your personal life to take advantage of inflation.
I guess she doesn't think boomers were alive in 1980 under Carter's 14.8% inflation rate or in 1981 when Paul Volcker raised the fed rate to 20%.
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