good point about adjusted for inflation. How would you say most people's incomes have been doing, adjusted for income. Like people making less than 20 an hour? That's a whole lot of people...
Well in Los Angeles, CA in 1959 the minimum wage was $1.00 and hour but most places paid $1.25 or $50.00 a week. Good jobs like in aircraft factories a wage of $75.00 was common. You could by a house on that wage in new developments north of LA. A $1.25 in 59 would be $11.98. $75.00 would be $718.56. usinflationcalculator.com
so gas prices have raced past inflation, and it's costing more to get to work, and that means people are taking home less. Certainly buying a house in California is out of the question for anyone making less than 75 an hour. Even 700 a week won't hardly cover rent for a 1 bedroom in San Diego. Most small apartments are starting at 1500 a month, and with the cost of living, gas, car payment, car insurance, electricity, food, a person can only just make it on 3000 a month, as long as nothing breaks, tires don't need replacing, no kids, no alimony, etc.
Here in South Texas regular gas is around $2.90 a gallon, which just slightly higher than gas was in 1960 adjusted for inflation.
ReplyDeleteit's about 4.90 a gallon here in San Diego
Deletegood point about adjusted for inflation. How would you say most people's incomes have been doing, adjusted for income. Like people making less than 20 an hour? That's a whole lot of people...
DeleteWe didn't understand what would "trickle down" wasn't money.
ReplyDeleteWell in Los Angeles, CA in 1959 the minimum wage was $1.00 and hour but most places paid $1.25 or $50.00 a week. Good jobs like in aircraft factories a wage of $75.00 was common. You could by a house on that wage in new developments north of LA. A $1.25 in 59 would be $11.98. $75.00 would be $718.56. usinflationcalculator.com
ReplyDeleteso gas prices have raced past inflation, and it's costing more to get to work, and that means people are taking home less. Certainly buying a house in California is out of the question for anyone making less than 75 an hour. Even 700 a week won't hardly cover rent for a 1 bedroom in San Diego. Most small apartments are starting at 1500 a month, and with the cost of living, gas, car payment, car insurance, electricity, food, a person can only just make it on 3000 a month, as long as nothing breaks, tires don't need replacing, no kids, no alimony, etc.
DeleteTrue. As they say about the Golden Rule: those who have the gold make the rules.
Delete