I don't find this post very persuasive.
First, $75,000 household income is hardly "upper class." You can't even buy a house on that income in many areas.
Second, those "constant dollars" are deflated by CPI or some similar measure, which understate inflation due to flat screens, iPads, and computers getting cheaper while the cost of necessities (housing, food, and energy) increases. I am certain that $75,000 "constant dollars" in 1967 bought a lot more house, food, and gasoline than it buys today.
Finally, this is household income, and largely reflects the shift from one-income families to two-income families. Needing two incomes to scrape by is supposed to be good news?
2 comments:
Adjusting for inflation, many consumer staple foods, including a large number of fruits and vegetables and bread, are cheaper today than they were 20 or 30 years ago.
http://www.ers.usda.gov/amber-waves/2014-april/food-prices%E2%80%94taking-the-long-term-view.aspx#.V2mm5p5VKlM
in 1967 bought a lot more house, food, and gasoline than it buys today.
When you consider the cost of gasoline, you need to consider that a comparable car today gets better mileage.
Housing is cheap where I live (in north central Florida) where the local governments allow builders to build. Also most homes not have better flooring and counter tops than the linoleum and Formica of the 1970's. My son (a recent high school only graduate and plumber) recently bought a nice condominium for $44,000.
http://www.zillow.com/homes/for_sale/Gainesville-FL/pmf,pf_pt/condo_type/24821_rid/40000-60000_price/142-213_mp/pricea_sort/29.924886,-82.056541,29.44767,-82.695122_rect/10_zm/
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