For the kick of comparing apples and oranges. In 1966 a new pink Mustang cost $1600.00 dollars. How long would a person have to work back then to pay for that car. Minim wage was $1.25/hr. At min wage …. 32 weeks. The blue collar worker was being paid $3.oo/hr. 14 weeks to pay it off. Today a Mustang would run around $30,000.00. Min wage today, $5.00….. 150 weeks… oops….. Blue collar wage, $20.00/hr. 37 weeks to pay it off…. Or you could say work to earn. Yes thing have gotten expensive. The automobile was the American dream as was a house.
In 1966 the wages ranged, from $0000.00 to 10,000.00 per year, there were those who made less and those who made more, this is a middle category. In 2010 that income range would be, $26.000 to $70,000 dollars.
A nice new house in 1966, garage with 1500 square foot house, cost about $7000.00 dollars. Less than a good annual wage or about the middle of the annual wage back then. Today that 1500 square foot house with garage will run around $200,000.00 dollars or about 3 times the good annual wage…… 3 times. For the median income person at 26K, that new home would be equal to almost 8 times the annual salary for a hard worker.
Look at the difference grandpa had to work to provide for his family compared to what grandson has to work to provide for his family.
Even with 15 bucks per hour minim wage, today’s worker could not provide for his family as good as the worker that was getting a buck and quarter minim wage 6 decades ago.