A pipe fitter and a waitress 60 years ago could buy a home in San Diego.
Posted by: Wayne in Due Diligence, EconomyToday a couple in those professions would have no option to buy a home and may not have been able to care for all the children they had with the cost of health care, utilities, food and other necessities. Vacations, pensions and other extra quality of life considerations are out of the question in todays economy for the same work.
Neither of these professions would be harmed if they did not today have the benefit of lower cost of labor. A few dollars of additional cost per hour would not make people stop making ships or buildings. And, a dollar higher price per meal would not send more people to fast food restaurants.
This couple was my grand parents and they did buy a home 60 years ago. Waitressing was only part time at the Del.
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