this post was submitted on 21 Jan 2024
1569 points (98.6% liked)

Work Reform

10134 readers
53 users here now

A place to discuss positive changes that can make work more equitable, and to vent about current practices. We are NOT against work; we just want the fruits of our labor to be recognized better.

Our Philosophies:

Our Goals

founded 2 years ago
MODERATORS
 

A future-of-work expert said Gen Zers didn't have the "promise of stability" at work, so they're putting their personal lives and well-being first.

you are viewing a single comment's thread
view the rest of the comments
[–] [email protected] 37 points 11 months ago (2 children)

In 1960, minimum wage was $1.00/hour and the price of the average home was $11,000.00. Of course people wanted to work hard and save, because they could see that it paid off almost instantly.

BTW, in 1960 $1 million would buy a mansion, a few nice cars, and a couple of businesses. Today, it's what a rich guy pays for a party.

[–] [email protected] 13 points 11 months ago (2 children)

I wanted to see a graph, and couldn't find one online.

It looks like, at least in the middle of Canada, being born between 1960 and 1980 was the ideal time if you wanted to buy a home.

This doesn't take into account mortgage rates, tax rates, average household income, unemployment rates, or other cost of living expenses.
I just wanted a little chart, not to lose my whole day

In the middle of Canada; Winnipeg, MB:

Year Minimum wage House price Price/wage (lower is better)
1960 $0.66 $15,151 22,956
1970 $1.50 $51,678 34,452
1980 $3.15 $53,513 16,988
1990 $4.70 $87,173 18,547
2000 $6.00 $95,520 15,920
2010 $9.50 $231,411 24,359
2020 $11.90 $299,994 25,209

Lazy sources:
https://www.gov.mb.ca/labour/standards/history-min.html
https://www.youtube.com/watch?v=v3TKC-H0omc
https://www150.statcan.gc.ca/n1/daily-quotidien/980512/dq980512-eng.htm

[–] [email protected] 4 points 11 months ago (1 children)

That early minimum wage growth is huge. 2,5x during 1960-70, then 2x 10 years later. Imagine minimum wage being $30 by 2030, then $60 by 2040.

[–] [email protected] 4 points 11 months ago* (last edited 11 months ago)

If we wanted things to keep pace with the house price to wage ratio of 1980(for people born in 1960), Minimum wage should've been $17.66 in 2020.

[–] [email protected] 2 points 11 months ago

Minimum wage had an increase of 1,703%. Housing had an increase of 1,880%.

[–] [email protected] 6 points 11 months ago

In 1960 you could buy an estate in Beverly Hills, or La Jolla, for a cool $100,000