"#62 That's because relatively unimpeded economic growth, cheap housing, real wage increases and less inequality than exists today during their prime earning decades gave them everything they wanted and then some.
If Boomers had to suffer through real wage stagnation there probably would have been a general strike. I actually admire boomers' ability to whine so loudly that they get their way, and i wish my own generation was as pissy as you are.
#63 | Posted by JOE at 2019-11-07 11:55 AM"
If one defines "Boomers" as those born in 1946-1964, then the following reviews of US economic history are pertinent:
"Boomers" would typically be entering the "real" work force around age 18-22 or 1964-1986.
Let's examine that "halcyon economic time" of 1964-1986:
* 1969-1983: inflation typically exceeding 5% with a peak of 12% in 1981. Those who lived through that time glumly remember the WIN ("Whip Inflation Now") Campaign.
* 1975-1995: unemployment typically exceeding 6% with a peak of almost 10% in 1982.
* 1973-1999: real wages decreased nearly every year. OTOH, they have been (very slowly) increasing essentially every year since 1999 and are now about at the level they were in 1973.
* 1974-present: if you're referring to man/women wage inequality, the difference has been steadily decreasing since the worst time of 1974.
* 1964-1995: after adjusting for inflation, housing prices have actually been quite constant over that time period. That said, one had to overcome the hurdles of getting a decent job and being able to save enough for a down payment during a time of high inflation.
BTW, other important tidbits not mentioned yet:
* 1964-1973: avoiding having all your well-laid plans derailed by getting drafted (if you're a man).
* 1973-1982: dealing with the Oil Embargo when crude oil prices skyrocketed from ~$15/bbl to ~$75 with associated gasoline price increases (and that's if you could find gasoline).
To be sure, different times have different situations: good and bad.