Of Purchasing Power and Men...
I saw this tidbit of info on the news, but have been unable to find any internet citations to include here to show that I'm not just making these numbers up. I don't like to take things at face value, so I can't expect others to do the same, but feel free to call me on this one...
In 1969, the largest private employer in the United States was an auto company (either Ford or General Motors, I can't recall which). The average yearly income for an employee of this company was about $40,000.
Fast forward to today (2006, for those who will read this 50 years from now haha): the largest private employer in the United States is Walmart, whose employees have an average yearly income of $18,000. I'm sure you're thinking what I'm thinking. In the last 25 years, inflation has increased dramatically, while wages have not really significantly improved. And consider the impact of purchasing power! I can't even imagine the type of lifestyle a person could afford in 1969 off 40,000 bucks, but you can be sure it's a lot better than what you get for 18 grand today!
In 1969, the largest private employer in the United States was an auto company (either Ford or General Motors, I can't recall which). The average yearly income for an employee of this company was about $40,000.
Fast forward to today (2006, for those who will read this 50 years from now haha): the largest private employer in the United States is Walmart, whose employees have an average yearly income of $18,000. I'm sure you're thinking what I'm thinking. In the last 25 years, inflation has increased dramatically, while wages have not really significantly improved. And consider the impact of purchasing power! I can't even imagine the type of lifestyle a person could afford in 1969 off 40,000 bucks, but you can be sure it's a lot better than what you get for 18 grand today!
posted by Kris at 2:28 PM
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