While the economy improved under Reagan, during the 80's the country began to hemorrhage manufacturing jobs. Then job loss part deux during the 90's and 2000's, as a lot of office people wound up out of work when their jobs got outsourced. The media was very blase and repeated ad nauseum "They'll just have to go back to school and learn a new skill". As if it's easy for someone who already went through 4 years of college and was then supporting a family to shit out that kind of money for another 4 year degree.
Recently the media has gotten its comeuppance. People have been leaving #learntocode comments on media people who have been laid off's social media pages, as now it is their turn to feel some hard times.
So during this time period where manufacturing pretty much died in the U.S. and office jobs got outsourced, housing prices went up, and up, and up, and up and up, WAY beyond the inflation rate.
As you see from the chart, rents also rose concurrently so everyone has taken the hit. Other than CEO's, no ones salary has kept up with housing cost increases.
A HUGE part of the american dream was owning a house. Up to the mid 70's even someone with a high school diploma could eventually realize that dream, as there were decent paying manufacturing jobs. You know, the ones the politicians told us we don't need anymore. Some still do realize that dream, but a lot of people won't.
Posts
