Current Events > Guy calculated savings left for 1973-2021 adjusted and it is depressing

(+) Yeah! (+)

I pulled historical data from 1973-2019, calculated what four identical scenarios would cost in each year, and then adjusted everything to be reflected in 2021 dollars. ***4 images. Sources in comments.

https://gamefaqs.gamespot.com/a/user_image/3/3/3/AAefUOAAC1uN.jpg

https://gamefaqs.gamespot.com/a/user_image/3/3/4/AAefUOAAC1uO.jpg

https://gamefaqs.gamespot.com/a/user_image/3/3/5/AAefUOAAC1uP.jpg

https://gamefaqs.gamespot.com/a/user_image/3/3/6/AAefUOAAC1uQ.jpg

https://www.reddit.com/r/dataisbeautiful/comments/saeju0/i_pulled_historical_data_from_19732019_calculated/

I botched the last 2 pics lol. Oh well, just go to the reddit thread and you can view them easily.

Boomers: Why aren't Millennials having more kids?!

[LFAQs-redacted-quote]


?
It is the same across the board.

@Mr_Hangman

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A world where minimum wage = a livable wage, as was originally intended and you can see right there in the graph.

why even bother living in modern america tbh

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???
You are deliberately being dense?

The loans and housing is same for 1973. The point was it was affordable to do then.

So like your entire criticism is actually making the point even stronger. You are saying, "it is unrealistic for 2021 people to do what people could do in 1973 with minimum wage"

LMAO

HOLY FUCKING SHIT

@Mr_Hangman

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The graph shows that in 1973, you can live in said housing, with loans and all that ON minimum wage AND afford it.

You didn't comprehend this?

@Mr_Hangman

https://gamefaqs.gamespot.com/a/user_image/3/4/6/AAOCcDAAC1ua.jpg

How many full time adults actually subsist on minimum wage? Not that there aren't problems with inflation, but statistics using federal minimum wage generally seem to act like numerous people actually live off it when I don't think that's the case at all.

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cmon bro, you can admit to not getting it, you can try to save face now but you just gonna make it worse

Nemu posted...

How many full time adults actually subsist on minimum wage? Not that there aren't problems with inflation, but statistics using federal minimum wage generally seem to act like numerous people actually live off it when I don't think that's the case at all.

So what difference do you expect in said graphs if you raise the wages to above minimum wage across the board?

What happens is there is less debt in 2021 sure, but the people in 1973 are now upper middle class or pushing to wealthy.

And the conclusion is then the same.

But you are ignoring the fact of college grads finding hard time getting jobs as has been the case for many since 2008. Yes, they eventually windup in a min wage job.
@Nemu

The percentage of hourly paid workers earning the prevailing federal minimum wage or less declined from 2.7 percent in 2016 to 2.3 percent in 2017. This remains well below the percentage of 13.4 recorded in 1979, when data were first collected on a regular basis.

do not despair, things are looking up <3

WingsOfGood posted...

So what difference do you expect in said graphs if you raise the wages to above minimum wage across the board?

What happens is there is less debt in 2021 sure, but the people in 1973 are now upper middle class or pushing to wealthy.

And the conclusion is then the same.

But you are ignoring the fact of college grads finding hard time getting jobs as has been the case for many since 2008. Yes, they eventually windup in a min wage job.
@Nemu

It would depend on what percentage of people back then subsisted on minimum wage. If 50% of the country subsisted on minimum wage previously and now only like 5% (not counting tipping jobs), then you need to adjust for several variables to have a meaningful chart. Those numbers are completely random just to be clear. I have no idea what the actual percentages are.

Turtlebread posted...

The percentage of hourly paid workers earning the prevailing federal minimum wage or less declined from 2.7 percent in 2016 to 2.3 percent in 2017. This remains well below the percentage of 13.4 recorded in 1979, when data were first collected on a regular basis.

do not despair, things are looking up <3

Those 13% were better off than people in 2021 making more than the min. That is one thing these graphs show.

Also,

add cost of having kids and watch as 1973 minimum wagers do well while people in 2021 above min wage struggle and go into debt.

Healthcare went insane while minimum wage didn't keep up. I'm in no way shocked

Jiek_Fafn posted...

Healthcare went insane while minimum wage didn't keep up. I'm in no way shocked

You can thank the poorly aging boomers for the vast majority of healthcare cost increases. The average person under 50 is not going to pay even half that.

https://www.healthsystemtracker.org/chart-collection/health-expenditures-vary-across-population/

The charts posted by TC are a great example of GIGO for this and other reasons already stated, but good luck convincing him he's wrong when he believes he is always right.

Paragon21XX posted...

You can thank the poorly aging boomers for the vast majority of healthcare cost increases. The average person under 50 is not going to pay even half that.

https://www.healthsystemtracker.org/chart-collection/health-expenditures-vary-across-population/

The charts posted by TC are a great example of GIGO for this and other reasons already stated, but good luck convincing him he's wrong when he believes he is always right.

I interpreted the chart as healthcare cost for a 22 year old. I'm not sure if that's true though.

Jiek_Fafn posted...

I interpreted the chart as healthcare cost for a 22 year old. I'm not sure if that's true though.

The chart TC posted was using the overall population per capita rate of $12k. The link I posted has an actual average cost of $3834 for adults of ages 19-34 ($2261 men, $4709 women).

Paragon21XX posted...

You can thank the poorly aging boomers for the vast majority of healthcare cost increases. The average person under 50 is not going to pay even half that.

No. That is ignorance.

You can thank profiteering and greed.

Jiek_Fafn posted...

I interpreted the chart as healthcare cost for a 22 year old. I'm not sure if that's true though.

Correct. Paragon not gonna admit he got caught though lmao.

but... he posted a source and it even says on your chart that it's healthcare per capita?

WingsOfGood posted...

Correct. Paragon not gonna admit he got caught though lmao.

From your very own OP in the reddit thread:

Also, I used spending per capita because the data for healthcare across such a large timespan was by far the most difficult to find complete information for. If anyone can find a complete data set they think would be better, I would be happy to recalculate.

You were saying?