It Gets Worse: 1980 vs 2018

The phrase “back in my day” is more of a joke than a real conversation set piece in 2018, but as much as we hate to admit it, the phrase may hold some real value.

The “Golden Days” of the 50’s and 80’s (grandparents and parents, respectfully,) were truly that good, especially in comparison to our bronze medal 2020 reality.

Economy & Unemployment

Yes, this chart is real. 1950-1970 was a true golden era for the American economy, and the 1980’s are characterized for a booming workforce.

“At the same time, the size of the labor force swelled, not only did the working age population grow by 21.5 million, but a larger percent of women entered the job market.”

Not to mention the unemployement rate in 1953 was 2.9%, while in 2010 the unemployement rate was a whopping 9.8%.

Education

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Compared to 1988, the prices for college tuition have skyrocketed.

• Public two-year and private four-year college tuition prices have more than doubled.
• Public four-year college tuition prices have more than tripled.

“…A 1988 graduate of Harvard University would have spent $17,100 on tuition during their senior year. Now, in their 50s, they’d have to pay $44,990 in tuition for their child to attend Harvard today.”

That’s not all: nowadays, Americans owe 1.4 trillion dollars in student loans.

Source.

Buying and Renting Homes

In 1940, the average home costed around $2,938 dollars — around $30,600 with inflation, though that’s its own issue–– Today, the average home costs $119,600. Millennials can’t just rent to escape this crushing cost either, the price to rent has increased nearly 4 times the inflation rate.

Perhaps that’s why the modern homebuyer is in their 40’s, with an established job and stable money flow, rather than the 25–34 year olds who ruled the market in 1981.

Everyday Life

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Though not all is so bad for newer generations! At least our TVs cost less, even though medical care has increased in price by around 120% and inflation has increased by over 57%!

“Housing, health care, and education cost the average family 75 percent of their discretionary income in the 2000s. The comparable figure in 1973: 50 percent.” — Helaine Olen’s “Pound Foolish”

Prices for healthy food have increased dramatically, while noxiously unhealthy food is affordable. TVs and cellphones are at an all time low, but healthcare is far too expensive for many to have. College tuition prices have left American graduates 1.4 trillion dollars in debt. This lifestyle isn’t sustainable: the rich get richer, and it gets harder and harder for American youth to make something of their life when they scrape by on the bare minimum.

In the face of all this, in the divide between Baby Boomers, Gen X, and Millennials, in the crippling debt our graduates face, one thing is certainly true: things certainly were better in “the good old days.”