“I think the majority over-estimates the stupid party.”
[US Census, September 2011 release - per my local newspaper] The medium gross, inflation-adjusted income of American males in 1968 was $32,137. In 2010, it was $32,137.
Are you better off than your parents were?
in 1968, gold was $39.31 an ounce.The median wage was $5571.76 [according to the SSA http://www.ssa.gov/oact/cola/AWI.html] That means, to adjust for inflation you divide todays wage, $32,127 by todays price for gold, $1664 to get an annual gold purchase power of 19.3 ounces a gold in a year.
Now divide the 1968 median wage of 5571.76 by the 1968 price of gold at $39.31 yealding a years worth of work for 141.7 ounces of gold.
Now to compare the difference, divide the 1968 ounces for the year by the 2011 ounces for the year. 141.7 / 19.3 = 7.34. That means my mom was paid 7.34 TIMES what I am paid today.
So the answer is no I am not better off, and if you were wondering how your mom was able to pay off her morgage and you are not able to, now you know why.