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submitted 11 months ago by JoMiran@lemmy.ml to c/news@lemmy.world

TL;DR: Americans now need to make $120K a year to afford a typical middle-class life and qualify to purchase a home. Minimum.

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[-] Dagwood222@lemm.ee 35 points 11 months ago

Here's what happened in a nutshell.

Lyndon Johnson had great plans for the US, but wanted to win the Vietnam War with one huge push. That quickly turned into a giant quagmire. LBJ and later Nixon, ordered bombing of the North. That meant the US factories were working 24/7. Nice for factory owners and union workers, but LBJ was paying for it with paper money because he didn't want to raise taxes. Ironically, Nixon ran for President as an anti inflation and pro peace candidate.

Nixon and Kissinger doubled down on the bombing and inflation started to spiral. Also, those factories were getting a bit worn down. Unable to met the deamnd for the bombing and supply foreign markets the US ceded local steel making to Germany and Japan. This is going to bite the US in the ass when the Arab Oil boycott hits. US steel is much more oil dependant than the newer factories, so suddenly Toyotas and VWs are the hot cars, and US manufacturing takes a huge hit.

Carter tried to control inflation and cut oil use, but got kicked out over the Iran hostage mess. Reagan came in and cut taxes for the rich. This increased the debt, but gave the economy an unrealistic jolt.

tl dr. In 1960, minimum wage was $1.00/hour. The average house was $11,000.00 and $1 million was considered a vast fortune.* Middle class meant a High School graduate with a Union job supporting a family of four.

By the time Nixon, Reagan and Bush Sr were done, 'middle class' was two college degrees supporting the house and $1 million was what a rich guy paid for a party.

  • In case anyone tells you that $1 million is 1960 would be $10 million today, tell them that in 1960, $100,000 would buy a mansion in Beverly Hills.
[-] grue@lemmy.world 5 points 11 months ago

Lyndon Johnson had great plans for the US

I recently learned that Johnson's "Great Society" plan was partially a continuation of Kennedy's "New Frontiers" plan (which he wasn't very successful in pushing through Congress before he was assassinated).

[-] Dagwood222@lemm.ee 4 points 11 months ago

LBJ is probably the most WTF President of the 20th Century. He pushed the Civil Rights Act, and created the Vietnam fiasco.

I like this story. Someone who worked for Kennedy and Johnson put it this way; if JFK came into your office and saw you reading he'd assume you were working. If LBJ saw you reading a book he'd think you were goofing off.

[-] AngryCommieKender@lemmy.world 1 points 11 months ago

If we hadn't had Wilson we wouldn't have had Hitler, or Stalin. We may not have had Nixon and Reagan.....

[-] laverabe@lemmy.world 1 points 11 months ago

$1 million today is still a vast fortune to most people tbh

[-] Dagwood222@lemm.ee 4 points 11 months ago

I think most people would see the gulf between owning one moderately nice house and a small business [$1 million in 2024] and owning an estate with several acres and some horses, a half dozen cars, and enough in the savings account to keep a few families going. [$1 million in 1960]

this post was submitted on 16 Jan 2024
366 points (96.7% liked)

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