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The middle class isn't getting pay raises to keep up with inflation. I haven't had a raise in 4 years for fear of pricing myself out of a job. CEO's walking away with multi-million dollar bonus is outrageous.
Our local news had a segment recently about living to the age of 150; that the medical profession is making it possible. Can you see all the problems this country will have if that happens?
I see it already with more people living past 80. More old people can't afford to/don't want to retire anymore, and so they don't leave their jobs, so there aren't enough openings for younger workers who need the money more to get their adult lives established. And of course Medicare and Social Security being bankrupted. And dangerous elderly drivers plowing into businesses because they didn't use the brake or used 'drive' instead of 'reverse'.
I see it already with more people living past 80. More old people can't afford to/don't want to retire anymore, and so they don't leave their jobs, so there aren't enough openings for younger workers who need the money more to get their adult lives established. And of course Medicare and Social Security being bankrupted. And dangerous elderly drivers plowing into businesses because they didn't use the brake or used 'drive' instead of 'reverse'.
Discipline says don't buy the house if you can't afford it. End of story.
If people did that, then skyrocketing housing prices wouldn't exist; demand would slow down and prices would level.
What does that mean? Greenspan didn't have a thing to do with the bubble. He did what he had to do to get the economy moving after 9/11. He can't really help it if people chose to buy more house than they could afford. The Fed has nothing to do with bubbles. Nothing.
Calling it the Greenspan bubble is like calling the Dutch Tulip Craze "the sun bubble" because the sun did what it was supposed to do every morning.
He kept lowering interest rates, so homeowners went for refis, and more people bought houses due to the lower new interest rates.
Oops, silly me. I suppose they could all just keep living with their parents until they're 35, while their parents continue to work and to help support their aging parents.
My point is, by a certain age, one has already had a chance to get themselves established, buy a car, a home, raise a family and save for retirement and therefore need to work less, especially since SS and Medicare would kick in.
The Standard of Living for the average Middle Class Person is going down, down, down!
I am not sad about this because the middle class has been living WAY higher lifestyle than they should have for WAY too long. It was unsustainable because it was based on a false premise.
Yeah, I remember as far back as in the early 80s when designer jeans got popular. I always wondered how all the middle class masses were able to afford that. Before that, it seemed like enough to just order no-name clothes from the Sears or JCPenney catalog. And before that, it was probably enough to sew your own clothes, but I don't remember that too well.
Nothing is wrong with having high expectations, so long as you are willing to work hard enough for it. Far too many people stick their noses in the air regarding working anything over 60 hours a week, getting a second job, cooking instead of eating out all the time, ditching expensive cable packages... And I would say 2000 is not far enough. Try 1980 perhaps? People working at fast food joints and retail tend to have nicer phones than me, as well as expensive data packages... Something tells me folks have their priorities skewed...
I had a coworker who only made $16/hour (I worked in payroll, so I knew what everyone got paid), but he was always wearing designer duds, going out to lunch every day and drove a luxury car. Although - he was still living with his mommy at the age of 35, so I guess his expenses were low...but still - all that on his paycheck?
Oops, silly me. I suppose they could all just keep living with their parents until they're 35, while their parents continue to work and to help support their aging parents.
My point is, by a certain age, one has already had a chance to get themselves established, buy a car, a home, raise a family and save for retirement and therefore need to work less, especially since SS and Medicare would kick in.
Blaming the lack of success on an older person keeping a job longer is weak. Its an excuse. Before you ask I'm under 30.
I look at the year 2000 as the end of the good times for the average American. Since then we have had a jobless recovery that has really only helped an elite. The standard of living for the typical American worker has gone down hill. College costs are sky high, utility and energy bills are going even higher, gasoline is moving towards $4.00 a gallon, borrowing costs are high and the availability of credit is falling. While our federal income taxes have fallen somewhat, we are being hit by so many hidden taxes and rapidly rising local and state taxes and surcharges. All these costs make our standard of living continue to drop. How can America ever recover from this?
Manufacturing jobs toward the end of that golden era went from basic support for families to paying for a comfortable living. Some union jobs, some not. Experienced labor who got in the door before reduced benefits were offered to new hires did indeed put the most amount of money in unskilled and semi skilled hands (by DoL definitions - in my opinion, all manufacturing labor is skilled, esteemed labor) than had ever been before.
It has indeed set a new qualifications "floor" for this next generation and locked out the old with barriers to entry that would equate to approximately half of the rest of their working years for some displaced workers.
Took us a long time to recover, those people now are being supported on SS, remnants of reduced pensions for early retirement, and those who have generous children.
I had a coworker who only made $16/hour (I worked in payroll, so I knew what everyone got paid), but he was always wearing designer duds, going out to lunch every day and drove a luxury car. Although - he was still living with his mommy at the age of 35, so I guess his expenses were low...but still - all that on his paycheck?
16 hr is basicly poverty wages. Even living at home I dont see how he could buy a nice mercedies benz.
I guess we have to define what you consider "luxury car". I mean I drive a toyota and some have said its a "luxury truck". I take care of it but it was not that expensive but it looks nice.
Manufacturing jobs toward the end of that golden era went from basic support for families to paying for a comfortable living.
That is my feeling as well...
Manufacturing is a full stack of employment. From the lower paying jobs all the way up to those that manage and run the business. We have a lot of services related businesses which tend to produce jobs at the higher tiers.
I was looking at the list of the US companies with the largest number of employees.
Walmart - lots of retail, stock, etc (#1 spot. Almost four times larger than #2)
Amazon - Lots of stock, shipping.
Yum China - food services. Owns over 7k restaurants nation wide
Kroger - again food. retail.. including department stores, jewelry stores, and convenience stores.
Home depot - retail, stock, etc.
Berkshire Hathaway - owns a ton of businesses which in turn hire from top to bottom.
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