Quote from KINGOFSHORTS:What exactly happened in the last 39 years?
Workers today -- or should I say up until recently -- expected they have a God given right to live like the rich and famous on TV. And that expectation is based on their 30k annual salaries paired with debt. 9 out of 10 taxi drivers, bank clerks and hospital nurses think they can live in a 4500 sqft house, drive 3 cars, go on 4 vacations a year and send the kids to private schools.
The standard of living of a working class family in the 70s is easily achievable by a working class family today:
A simple rented 800-1000 sqft apartment for a family of 3-4, one used 1995 Honda, no Gucci and Louis Vuitton for the wife, no nanny, no cleaning lady, no vacation, no private school.