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Cost of Living 50 Years Ago
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Bonesberg55
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PostPosted: Tue Jan 03, 2023 6:23 am    Post subject: Cost of Living 50 Years Ago Reply with quote

I was reading an article yesterday comparing what things cost 50 years ago vs. today. In January 1973 gasoline averaged 39 cents/gallon. Today its around $3.00. The median price of a new home in 1973 was about $30K. Today the median price is around $470K. The median household income in 1973 was $12K. Today its $71K. The problem with the article was that they were not consistent in average vs. median pricing. If we are to believe that they intended to compare averages, then today's buying power is far less than 50 years ago. Some things changed in the latter part of 1973 that effect these numbers. The Arab oil embargo drove up gas prices and inflation was on the rise so those numbers would change. If we compare just housing and household income numbers though, the difference is staggering. The median household income today is 6 times what it was in 1973 and the median price of a new home is around 16 times what it was then and that's with today's standard of 2-income families. I don't know how accurate the figures they stated are but its still amazing.
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PostPosted: Tue Jan 03, 2023 6:49 am    Post subject: Re: Cost of Living 50 Years Ago Reply with quote

Absolutely! However there is another thing that comes into the formula. It's personal expectations have risen dramatically in that time too. In the late 60s and early 70s a 1200 square foot home, no garage, housed the average family of 6 to 8 people and it was rare to have more than one car. Most mothers stayed at home and raised the family.

Today in contrast average income family sizes are 3 to 4 people, houses are 2500 to 3500 square feet 2 or 3 car garage, 2 or 3 cars/family plus boat, quads/side by sides/dirt bikes/jet skis etc. Two income families is the norm with some individuals having a second job, child rearing is farmed out to daycare, schools and baby sitters.

Our modern society is possession rich, quality of life poor and debt ridden and it is all because of unrealistic expectations. For the most part we have done it to ourselves!
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PostPosted: Tue Jan 03, 2023 9:21 am    Post subject: Re: Cost of Living 50 Years Ago Reply with quote

Back in the late 70's when I was in high school I worked at the grocery store and minimum wage was $2.30 an hour. Back than I could get a Big Mac, fries & soda for that $2.30. A movie cost $2.50. Today you can still eat at McD's or go to a movie on one hour minimum wages.

Things don't cost more, the value of the dollar has just dropped.
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PostPosted: Tue Jan 03, 2023 9:25 am    Post subject: Re: Cost of Living 50 Years Ago Reply with quote

Yes, times have changed for sure. Adjusting for inflation things are a bit different but the story feels the same. Try using this website:

https://www.calculator.net/inflation-calculator.html

39 cents in 1973 = $2.53 in 2022 so if anything gas is even more expensive today!

$30,000 in 1973 = $195,000 in 2022.

The one thing that has changed is population. There were about 200 million people in the U.S. in 1970 vs. more than 330 million fellow a-holes sharing the road with you and me today Very Happy

More people = more competition for stuff and services. Yay!
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Glenn Premium Member
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PostPosted: Tue Jan 03, 2023 9:25 am    Post subject: Re: Cost of Living 50 Years Ago Reply with quote

vwracerdave wrote:
Back in the late 70's when I was in high school I worked at the grocery store and minimum wage was $2.30 an hour. Back than I could get a Big Mac, fries & soda for that $2.30. A movie cost $2.50. Today you can still eat at McD's or go to a movie on one hour minimum wages.

Things don't cost more, the value of the dollar has just dropped.

Agreed, today minimum wage is $15/hour in many places.
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skills@eurocarsplus
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PostPosted: Tue Jan 03, 2023 9:56 am    Post subject: Re: Cost of Living 50 Years Ago Reply with quote

pretty neat (ok, sad) video of inflation


Link


about 7 mins in, they talk about some prices which seem to be in line with what the o/p stated.
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my reason for switching to subaru is my german car was turning chinese so i said fuck it and went japanese.......
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most VW enthusiasts are stuck in 80's price land.

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Thanks for the correction. I used to be a nice guy, then I ruined it by exposing myself to the public.

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PostPosted: Tue Jan 03, 2023 10:28 am    Post subject: Re: Cost of Living 50 Years Ago Reply with quote

Two generations ago, a single wage-earner with a "middle class" manufacturing job could buy a home for his family.

One generation ago, it took two incomes, so women entered the workplace, which depressed wages somewhat further.

Presently it just doesn't pencil out. There are few manufacturing jobs, and they don't pay well enough to afford a mortgage. The cost of day care makes it a marginal improvement if the wife works, too.

We are heading for a sociological crisis in one more generation. Revolt and confiscation are in our future, either through taxation or outright seizure upon death.


Last edited by KTPhil on Tue Jan 03, 2023 11:43 am; edited 1 time in total
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PostPosted: Tue Jan 03, 2023 11:05 am    Post subject: Re: Cost of Living 50 Years Ago Reply with quote

How much bullshit extra things do people waste money on these days though? Back in the day my grandma was saving bread crumbs from every bread slice she cut. With a loaf she made herself.
There are too many unnecessary things to spend money on in the world today. We are making our own bed to lay in. Keep buying little throwaway trinkets and waste $5 here, $10 there, it all adds up.
What did people waste money on 50 years ago? Hmmm, it's hard to think of because that shit barely existed. Most folks today wouldn't know how to repair things that break anyway.
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PostPosted: Tue Jan 03, 2023 11:10 am    Post subject: Re: Cost of Living 50 Years Ago Reply with quote

My mom had a teacup that held string and other do-dads.
She grew up through the Depression and WWII, so she didn't take comfort for granted. I'd like to think a little of that stuck with me...
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Bonesberg55
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PostPosted: Tue Jan 03, 2023 11:12 am    Post subject: Re: Cost of Living 50 Years Ago Reply with quote

We bought our first home in early 1984, a modest 3 bedroom ranch for $72K. I was the sole wage earner making $27.5K/year and we had 3 youngsters. A good Christmas bonus was the reason we were able to purchase that home with a minimum down payment and a 12-1/2% mortgage which was a good rate at the time. We were careful with our expenses and lived in that home for 15 years never missing a payment. I don't know what the situation would be now, but we avoided luxuries and keeping up with the Jones'. We did okay with used cars and second-hand furniture. It can be done.
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skills@eurocarsplus
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PostPosted: Tue Jan 03, 2023 2:26 pm    Post subject: Re: Cost of Living 50 Years Ago Reply with quote

Bonesberg55 wrote:
We bought our first home in early 1984, a modest 3 bedroom ranch for $72K. I was the sole wage earner making $27.5K/year and we had 3 youngsters. A good Christmas bonus was the reason we were able to purchase that home with a minimum down payment and a 12-1/2% mortgage which was a good rate at the time. We were careful with our expenses and lived in that home for 15 years never missing a payment. I don't know what the situation would be now, but we avoided luxuries and keeping up with the Jones'. We did okay with used cars and second-hand furniture. It can be done.


I bought my first house in 2003 for 145k making 20/hr. All in, taxes/escrow etc was 1100/mo

take home pay was around 700-720 as I recall so let's say 2800/mo leaving 1700/mo to live on. I had no cable, just phone. electricity was cheap, 60/mo and that dropped when I got an indirect water heater to 40/mo

food was 'cheap' as it was only me. my first winter there home heating oil was .79/gallon and I had no idea if I was going to be able to afford it.

40/hr today is a joke given the prices. Sad thing is when I quit the dealer in 2015 i was only making 27/hr (which is a huge reason I quit)
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gprudenciop wrote:

my reason for switching to subaru is my german car was turning chinese so i said fuck it and went japanese.......
[email protected] wrote:
most VW enthusiasts are stuck in 80's price land.

Jake Raby wrote:
Thanks for the correction. I used to be a nice guy, then I ruined it by exposing myself to the public.

Brian wrote:
Also the fact that people are agreeing with Skills, it's a turn of events for samba history
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finster
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PostPosted: Wed Jan 04, 2023 3:07 am    Post subject: Re: Cost of Living 50 Years Ago Reply with quote

in the UK housing was viewed as an investment. initially a safe, steady investment but during the 80s and 90s this went crazy with people buying properties to do up and sell for big profit or to get rental income. the result is that wages couldn't keep pace and now even renting is too costly for a lot of people.
also - executive pay has increased by crazy percentages while workers are struggling to get a couple of percent
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PostPosted: Wed Jan 04, 2023 3:43 am    Post subject: Re: Cost of Living 50 Years Ago Reply with quote

50 years is a dangerous lookback period because the 1970s were extremely volatile , for many reasons. The middle class has shrunk by about 20% which is disturbing on many levels.

Financial wankers like Friedman hate inflation because they don’t get cheap money to steal stuff from others. Real people fear unemployment because life without money to pay the bills sucks.
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PostPosted: Wed Jan 04, 2023 5:58 am    Post subject: Re: Cost of Living 50 Years Ago Reply with quote

consvws wrote:
How much bullshit extra things do people waste money on these days though? Back in the day my grandma was saving bread crumbs from every bread slice she cut. With a loaf she made herself.
There are too many unnecessary things to spend money on in the world today. We are making our own bed to lay in. Keep buying little throwaway trinkets and waste $5 here, $10 there, it all adds up.
What did people waste money on 50 years ago? Hmmm, it's hard to think of because that shit barely existed. Most folks today wouldn't know how to repair things that break anyway.



The biggest thing you have overlooked is the fact that credit cards weren’t readily accessible to most people. Most of the people buying this crap are doing it with credit cards. So instead of $5 here, & $30 there, they are compounding their foolishness with interest.
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PostPosted: Wed Jan 04, 2023 6:51 am    Post subject: Re: Cost of Living 50 Years Ago Reply with quote

I never made much money, but now--at nearly 80 years old---everything is finally paid for. So here I sit, a tired and bitter old man, living in a shitty old house full of shitty old furniture, and driving a bunch of shitty old cars. Shit.
(at least my kids give me a new shirt every year for my birthday)
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PostPosted: Wed Jan 04, 2023 7:29 am    Post subject: Re: Cost of Living 50 Years Ago Reply with quote

Unless you understand the difference between the mean, the median, and the mode "average" is a very loaded term often used to manipulate a conclusion of raw data. Having lived through the described time, things have gotten much harder in every direction. Mickey D's sucked back then and it still does.
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PostPosted: Wed Jan 04, 2023 7:39 am    Post subject: Re: Cost of Living 50 Years Ago Reply with quote

skills@eurocarsplus wrote:
40/hr today is a joke given the prices. Sad thing is when I quit the dealer in 2015 i was only making 27/hr (which is a huge reason I quit)

When I was in the automotive trade the tradesman was paid at 1/2 the door rate so if the door rate was $30/hr you could expect to get $15/hr. When the door rate went up by $1 you got a 50 cent raise. Today door rates in this area are in the $90 to $120/hr range and the tradesman gets $40 to $45. What happened?

This?!

finster wrote:
executive pay has increased by crazy percentages while workers are struggling to get a couple of percent
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PostPosted: Wed Jan 04, 2023 7:47 am    Post subject: Re: Cost of Living 50 Years Ago Reply with quote

oprn wrote:
Today door rates in this area are in the $90 to $120/hr range and the tradesman gets $40 to $45. What happened?

On Long island independent shops are getting $120-$150/hr and dealers on the cheap end are $225/hr and going up.

An "A" tech is getting $50/hr and maybe benefits if they are lucky.
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skills@eurocarsplus
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PostPosted: Wed Jan 04, 2023 11:40 am    Post subject: Re: Cost of Living 50 Years Ago Reply with quote

oprn wrote:

When I was in the automotive trade the tradesman was paid at 1/2 the door rate so if the door rate was $30/hr you could expect to get $15/hr. When the door rate went up by $1 you got a 50 cent raise. Today door rates in this area are in the $90 to $120/hr range and the tradesman gets $40 to $45. What happened?


what happened was flat rate was introduced to up productivity. A good flat rate tech could bank a lot of cash but everyone in the accounting department saw that.

so, they slowly chipped away at things, like paying for diagnostics for example. the tech's response was load the parts cannon and hope one of the several things fixed the issue.

it turned into a guessing game because they (the shop/mfgr) didn't want to pay for the diag time. then, the fucked with warranty times. so say a customer pay job was 2.4 hours, warranty would only pay 1.2

the best place i worked at was a 40 hour guarantee and anything over 40 billable hours you got 10% of the door rate on top of your base pay.

so if your pay was 20/hr you got 800 base pay for the 40 hour week. if you produced say 65 billable hours you got 25 hours at 20/hr (500) and if the door rate was 100/hr you got another 10/hr or 250 so your check was 800+500+250 or 1,550 before taxes

some weeks you'd hit 43 hours, other weeks you'd hit 70 hours, it just depended on what came in the door.

if you didn't suck the service advisors pee pee you got fed all of the trash work while the guy that kissed ass got all of the gravy. once the service manager saw this he made sure all the garbage got spread out and did his best to make it fair.

now with all the software you need to do you literally need to babysit the process to make sure everything goes right. sometimes it's 15 minutes, sometimes its 3 days if you're chasing a network issue and the s/w doesn't load because of another module that won't update

most good shops now do a 40 hour guarantee with some sort of bonus. stuff has become so complex, like a 45-50 hour timing chain replacement that trying to blow thru a job like that is just not a wise choice on flat rate

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gprudenciop wrote:

my reason for switching to subaru is my german car was turning chinese so i said fuck it and went japanese.......
[email protected] wrote:
most VW enthusiasts are stuck in 80's price land.

Jake Raby wrote:
Thanks for the correction. I used to be a nice guy, then I ruined it by exposing myself to the public.

Brian wrote:
Also the fact that people are agreeing with Skills, it's a turn of events for samba history
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consvws
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PostPosted: Wed Jan 04, 2023 12:20 pm    Post subject: Re: Cost of Living 50 Years Ago Reply with quote

TDCTDI wrote:
consvws wrote:
How much bullshit extra things do people waste money on these days though? Back in the day my grandma was saving bread crumbs from every bread slice she cut. With a loaf she made herself.
There are too many unnecessary things to spend money on in the world today. We are making our own bed to lay in. Keep buying little throwaway trinkets and waste $5 here, $10 there, it all adds up.
What did people waste money on 50 years ago? Hmmm, it's hard to think of because that shit barely existed. Most folks today wouldn't know how to repair things that break anyway.



The biggest thing you have overlooked is the fact that credit cards weren’t readily accessible to most people. Most of the people buying this crap are doing it with credit cards. So instead of $5 here, & $30 there, they are compounding their foolishness with interest.


Yes... Credit cards must be the reason people make bad financial decisions, lol.
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