From the “It Sucks to Be Us” Dept.:
The recent census report shows that despite (extremely slow) increases in national GDP and employment, inflation-adjusted household income—an indicator with far more impact on the lives of most Americans—has been dropping since 2009. As the New York Times notes, median household income is now 8.1 percent below its level in 2007.
Kudus: a 2008 Obama voter Via Meadia.
My first job out of college paid an annual salary of S. (The actual amount S represents is unimportant.)
For a brief period of time, that was more money than I could imagine. (We didn’t discuss money in my family, but I have reason to believe that my dad supported us–four kids, mom, and himself–on less than that amount.) Two years later, when I moved to Bell Labs, I also “right-sized” my salary to 140% of S. Then S didn’t seem so impressive.
What’s interesting is that my 1984 salary is 70% of what I make now, 26 years later, according to the measuringworth.com web site. (Actually, they provide a bunch of estimates, ranging from 71% to 140%. I picked the lowest one.)
Now, that was in Albuquerque, which is cheaper to live in than Yucca Valley. According to the cost-of-living comparison at Sperling’s BestPlaces, a dollar there buys as much as $1.06 does here.
So my first job out of college paid effectively 75% of my current salary. And I only had one car and three less mouths to feed. But what’s really amazing is that within two years of graduation, I had run up more than 10% of my salary in credit card debt. To be sure, I do have a mortgage today, but (so far!) we’re paying our bills and living within our means.