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I'm sorry Mike, but you remind me of a family that we knew socially. We always knew that they were well off, but of course just not how well off. OldGal used to have a small business cleaning homes, and she charged them, as I recall $45 a week.
Well, they called my wife one day to tell her they were going to have to cancel her service. The price of West Texas oil had dropped drastically and "THEIR INCOME HAD BEEN CUT IN HALF!" They were going to have to sell one of their cars and "THEIR INCOME HAD BEEN CUT IN HALF!" They would have to sell the house in Utah and "THEIR INCOME HAD BEEN CUT IN HALF!" This conversation went on for about 10 minutes, and every sentence ended with "THEIR INCOME HAD BEEN CUT IN HALF!"
My sweet wife was really feeling sorry for them until they said, in all seriousness,
"Why, we don't know how we're going to get by on $10,000 a month!"
I think mike is right cause I assume he lives in the north east.
Here $22 an hour is good money but in other parts of the country you would be just above homeless.
I think the point he was trying to make though was this...
Minimum wage in 1960 was $1.00 an hour.
Minimum wage today is $7.25
7.25 times higher
45s cost about $.50... You could work for an hour an buy 2.
A CD today is $10 to $15? Takes 2 hours of work to buy one.
A car seat was $6 an is now around $100. 16.6 times higher.
A gallon of gas was $.25 an on the $4 mark now. 16 times as much
A VW Beetle new was $1,769 an a new one today is around $25,000. 14 times as much.
The price of food has kept close to the same rate as pay an some things are lower now than then but I think it is safe to say that it takes two people working now to maintain the same standard of living one person could have done in 1960.
I have seen pictures of my family in the 60s an 70s an everyone seemed to have a new car. All were high-school or less working factory jobs. I dont think any of the 6 of us kids have ever owned a car newer than 10 years old... Two of us have college, one in IT and another works for Kenworth, an a third is a foreman for a railroad crew.
Cost of living is outpacing income in this country an that has an effect on how many kids have a parent at home. An that's before our expectation of "more than they had" comes in to play.