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this post was submitted on 21 Nov 2023
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"Interest rates mostly hurt people who have big loans" is news now?
Yeah, I get that there's a real issue now, mostly driven by wage stagnation, but younger people have always had to do more being tightening than older people, at least as long as I've been alive. When I first got married, we had to buy the cheapest food we could while my parents and their friends were going to Hawaii, and that was in the 80s.
A big difference, however, is that houses in the 80s were 3-4 times the average income. Now that ratio is about 10x.
Younger generations always need to work harder than older people, yes, but the major difference is that working hard these days doesn't provide the same rewards that it once did.
https://www.finder.com.au/owning-a-home-in-the-80s-vs-today
Oh, like I started with, wage stagnation is a massive problem, especially combined with the stomach turning growth in executive compensation. Just saying, even if the degree has gotten worse, people starting out have pretty much always had to do what this headline says.