I hope I never see the day when even the children are put to work in order to meet a certain standard of living!

The American dream has always held that each generation will enjoy a higher standard of living than the previous one, and that is still true, as measured by household income.

But the generational gains are slowing, and the increased participation of women in the work force is the only thing keeping the dream alive, according to an analysis of Census data released Friday.

A generation ago, American men in their thirties had median annual incomes of about $40,000 compared with men of the same age who now make about $35,000 a year, adjusted for inflation. That’s a 12.5 percent drop between 1974 and 2004, according to the report from the Pew Charitable Trusts’ Economic Mobility Project.

http://www.msnbc.msn.com/id/18868904/

 

yes,

i think between capitalism and socialism I choose capitalism. at least that way you have choice...might not be the choice you want or like, but at least it is your choice and not big brothers.

not a fan of Locke, more of a Hobbes or Morganthau fan, oh and i def like that
D'Toceville (not sure of spelling)

wait... darn it went too deep again...sorry guys

 

I freely admit that my generation is spoiled and lazy relative to the two generations that preceded it. Has nothing to do with economy or politics. Our forefathers did such a good job making the first 25 years of our lives a cakewalk, that most are unprepared for the demands and hard work to be done in the real world...and then guys live with mom and dad until 29, and flounder in the workforce through their 30's.

 

I think globalization has a big hand in this. My father, a welder by trade, has been relatively lucky because he's government certified to work with galanized and stainless steel which isn't easy work. Lots of his friends have seen their jobs outsourced to third-world countries where the work is done for a fraction of the cost. You have two choices, work for less or move on.

The economy in the St. Louis area has taken a huge hit in recent years. The Boeing buyout of McDonnell-Douglas meant that tons of machinist and office jobs were lost because of redundant programs between the two companies, and the Big three automakers all had plants here. Only one does now and it's cut from two shifts daily to one. The impact is noticable. I wonder how the automakers will make money when nobody can afford their cars because the good paying jobs have been shipped overseas.

Additionally, people aren't making much more, but their expenses are much higher. Healthcare, fuel, home utilities, food, et al. have all seen dramatic increases in costs. In many cases, this is by our own design. 99% of the people driving huge SUVs don't need them. A more fuel efficient car would serve the same purpose. Consumerism is the new American way too. It's nice to have nice things, but in the old days when your TV broke, you took it to a repairman and had it fixed for a nominal price. Now you throw it out and go to Wal-Mart to buy another one.

 

I completely disagree with that. People of the X generation moved home because they had to not because they wanted to. In the late 70s and early 80s a person graduation from college could almost walk into a job that paid 18k-25k. Flash forward 10-15 yrs. The employment market became tighter but was still pay the same 18k-25k salary while most other cost of living items had gone up significantly. That 6k car in 1980 became a 28k car in 1995. Same 18k-25k pay but much less purchasing power not to mention getting a job straight outta school was mostly a pipe dream except for a lucky few

I wished I could have live at home and saved a few bucks when I entered into the work force. It would have helped tremendously financially but for me in the aviation biz, it just wasn’t possible.

Now we have the same people that had it good back in the late 70s and early 80s that are now well entrenched into upper management, They give themselves huge bonuses while cutting workers pay and outsourcing to offshore companies to slash costs even further.

Gen X is the first generation that will have a standard of living lower than the generation that precedes it.

 

Another thing to consider is the huge amount of money that is being passed on to the next generation in the form of an inheritance. Speaking from personal experience, I hope the people coming into possession of such wealth will nurture, care and grow this gift.

 

Vagabond's comment reminds me of a good book that everyone should read.
Parlay Your IRA into a Family Fortune by Ed Slott. The overall goal is to keep your inheritance working for you and not the goverment.

 

This is the biggest bunch of hooey I have ever heard or read. Just about every CPI indicates that our money goes farther today than it did a generation ago. Cars last longer; tires last longer; medicine costs more, but that's because there were fewer drugs back then (just ask yourself, would you rather have cancer in 1950 or 2005); TVs cost less; clothing costs less. Are jobs going overseas? Yeah, but new jobs are being created. And not just at Walmart. Most of the jobs that are moving overseas are mindless jobs that require little education. People find new jobs- heck, some even form their own companies. Economies change. 100 years ago we were still an agricultural society. Now, very few people are involved in agriculture. But that's a good thing- it means we are more productive.
Same with the making of cars, airplanes, boats, you name it. Most of these things require FEWER people to make one unit that 50 years ago. This is good- it means more of us can afford these items. As I wrote, times change. Should we go back to the horse era so buggy makers, blacksmiths and the like can have their jobs back?
The only problem today is that we have more "needs". When I was growing up we had 7 channels of TV (we had a bunch in NY); no cell phones; fewer vaccines (although we still had to get the small pox shot); we actually rode our bikes and walked to school if you lived too close for the bus- I could count on two hands the number of kids who drove their own cars; it was rare to fly a commercial flight; fax machines were against the law; should I go on? You can go back a generation if you want. I'll stay here.

 

Blackhawk, interesting comment about our "needs" of today.
I was talking with a buddy of mine and we hit on this too.

60 years ago we didn't have... Internet, cable TV, cell phones, satellite radio, iPods, GPS for our vehicles, xbox live, etc.
What i'm getting at is we have additional expenses today as a result of technology. But yea, i definitely agree with you about more jobs being created today and the higher QOL.

 

And lets not forget about a dozen tube socks for only $1.99 !!! Things are definitely better now. Especially if you work outside of aviation.

Skyhigh