Showing posts with label wages. Show all posts
Showing posts with label wages. Show all posts

Wednesday, April 04, 2018

Back to the future with President Stupid


Well, ladies and germs, it would appear that President Stupid is about to get us all into a real, honest-to-God trade war of the Smoot-Hawley variety.

Those never end well.

I fear the chill'uns are about to get a lesson on what it was like when their grandparents -- folks my age -- were teenagers and college students. The cool stuff you really wanted was really expensive, and you seriously had to save up for it.

https://www.washingtonpost.com/business/economy/trump-administration-targets-chinese-electronics-aerospace-and-machinery-goods-with-50-billion-in-tariffs/2018/04/03/9be42e5e-3786-11e8-9c0a-85d477d9a226_story.html?utm_term=.06d82e62a1d6In 1980, I was working about 20 hours a week at minimum wage -- then $3 an hour. Today, that would work out to $9.22. And being a total gear head, I really wanted a cool new stereo receiver.

To get one, I had to save for months. The Yamaha receiver I bought cost just shy of $400, or around $1,100 in 2018 dollars. That was serious money then, and it's even more serious today, as wages haven't come close to keeping pace with inflation the past four decades.

Later, I decided I wanted a color TV, a nice one, for my bedroom.  So I got a "Sony of my owny," to borrow the phraseology of the era's advertisements for the brand. It was a 12-inch Trinitron color set with push-button tuning. I also could tell you the model, but that would just bore you and out me as a total anorak, which is a particularly geeky way to say "nerd."

My Sony cost a mere $369.95 ($1,086.25 today).

GOOD LUCK doing that now as a student making minimum wage at a part-time job. For one thing . . . your wages have been depressed.

For another thing, your depressed wages in 2018 go toward lots of stuff we didn't have in the late 1970s and early 1980s -- like monthly cellphone bills.

And monthly cable-TV bills to watch programs and sporting events that were on free, over-the-air TV in 1980.

And then there's Hulu and Netflix and Amazon Prime Video so you can watch the popular shows that aren't on cable.

Oh, yeah. There's your monthly broadband-Internet bill, too.

Then there's college tuition. In 1979, my old man shelled out $295 in tuition and fees for me to attend Louisiana State University full time for the fall semester ($995.29 in 2018, about a $2,000-a-semester discount over one of today's "reasonably priced" state universities). Back then, state legislatures tended to think public universities were, well . . . public.

By the standards of today's Republican Party, we all were pinko-communist, socialist radicals living in a thoroughly collectivized country . . . and we liked it. We particularly liked not being bankrupted by student-loan debt which, of course, can't be erased by bankruptcy.

And I saw Bruce Springsteen in 1980 for the princely sum of $8 a ticket ($23.30 today). The Who cost $12. I had great seats.

Sucks to be you, kids. There's a reason so many of you live with Mom and Dad till you're 30. 

SUCKS TO BE us old farts, too. When prices go through the roof, the economy craters and our 401(k) retirement accounts come to naught, we'll probably die at age 80 . . . shivering in an unheated hovel, eating cat food and wallowing in our own shit.

On the bright side, maybe Donald Trump will just get us nuked instead, and we'll never know what hit us.