And also, any inflation graph I look at shows no "doubling in price" at any point. Or anything that looks loosely like it.
And also, any inflation graph I look at shows no "doubling in price" at any point. Or anything that looks loosely like it.
And your father was well off compared to what is described in the Parent's comment. Some good evidence of my point is that the average house in 1950 was about 1000 sq ft and had one bathroom.
Today, the average American home is about 2800 sq ft with multiple full bathrooms.
Another example is that in 1950, very few American families owned more than one automotible. Today it is normal to own 2, 3, or 4.
Food is much cheaper as a percentage of income, travel has gotten dramatically cheaper, and of course cheap technology and entertainment is coming out of our ears.
Not to mention modern medicine and creature comforts such as year round air conditioning in the home and auto.
People who think there has been a decline in the average Americans living standard since 1950 are either misinformed or trying to push a sketchy political agenda.
But it did not doubled, because such proposition assumes zero female labor participation in 1950 and that was not actually the case.
Also, the healthcare costs and education costs went up significantly. Yes, there is more space, because space is cheap in suburbs. In a lot of ways, the gains are something I would happily gladly trade for cheap healthcare or college.
Plus again, if you live in suburbs which were build and poplar only after 1950, the two cars are necessity. Because otherwise one partner is stuck at home without even being able to go shopping or take kids to school. In places with good public transport, the second or even first car is luxury. In suburb, you are way more pressured to have it.
And I believe the relevant economic effect was not so much an increase in the price of consumer goods but a suppression of wages, which otherwise might have been expected to grow at a rate closer to that of the GDP.
And this was not long ago. I have likely been around the sun fewer times than you have.
Raising 6-7 kids on less than 100k sounds tough, although I'd guess you're getting towards the upper end of middle class by that point. The median household income in NYC is around $64k according to USCB, which leaves around $52k after taxes and social security. The rent on a three-bed in Brooklyn doesn't seem to go much below $2k per month, which leaves $2.3k per month for bills, groceries etc... .
People will say that you can move out of the cities in the same breath as telling you to get an education in order to get a higher paying white collar job at a big company, so which is it?
It seems no matter the configuration of life the numbers end up weighted in favour of rent-seeking capitalism and even the salaryman following all the society best practices is pinching pennies just to enjoy a coffee.
Even when I earned triple figures I couldn't afford to live in the suburbs. So why play the game at all if the grand prize is just scraping by?
CPI 10x'ed since 1950