Median income was $58,500 in 1989, same as this last year?
The 1989 median income was far more powerful than it is today. Housing, medical care, dental, insurance and food costs are through the roof due to the falling real value of the dollar. Forget what Bloomberg says about a strong dollar; real value is what the dollar buys Americans at home, less every month.
We enjoyed a cheap food policy in 1989 that is gone thanks to the over-leveraged dollar losing value in world markets for many reasons.
The US dollar and markets were considered sterling in 1989, the dollar was used in 100% of all international transactions. Today, thanks to technology and a world that no longer respects or trusts the dollar or US markets; percentage has dropped to 50% and declining rapidly. We lost our credibility after the Coup of 2000, and all the terrible things the US did with war and markets.
In 1989, we enjoyed a strong growing job market for engineers, scientists, sales, financial and marketing people. We had a growing need for those who knew how to build new companies…Human resources were the most valuable asset (and cost) to any healthy company.
I know because I worked as a retained search/recruiter for some of the key companies in America and a few overseas. I started in 1979 when we were building some wonderful companies right through most of the first decade of the new century. In the new century, I saw first hand the Great Exodus of Jobs from America overseas….. I finally left the industry sick at heart, I could not bear the jobs I was given, enabling them to move factories offshore. Sickening.
Startups were exploding in growth in 1989, we came in and helped staff companies in all stages of development. Others were well established and provided good treatment to all their employees…..Companies who abused their workers soon developed a bad reputation and could not find good people to work for them. They paid dearly for their mistake…….had to find new management or went under. It was a wonderful time to work in employment.
Another lost aspect of American life, the strength of the worker in the workplace. Today, most companies treat their workers like rubbish, and continue to move jobs overseas for slave labor…..Something like 11% of today’s workers belong to a union. It is a move backwards to the 19th century.
He refers at last to the Lost 25 years of the US, I could give a list of lost opportunities, diminished use of workers, destroyed dollar……..From the Coup of 2000 through 2015, the US has been plundered of its wealth. A few have too much, most have too little…….Middle class has been diminished with no coverage of the insidious growth of corporate monopolies in every field of American industries.
Two major corporations own all the hospitals in CA……I have been very sick of late, and have personally felt the cold corporate hand interfering in my health care. There is no recourse for me, or millions of others, the corporate owned press has replaced any free press we ever had with diatribe, propaganda and obfuscation……
Lost 25 years? Perhaps, but we have been destroyed in the last 15.
Social mobility is gone along with those lost opportunities/jobs. For every job lost, seven more are put at risk. The dry cleaner, the restaurant, the auto shop, gas station, ETC…….all are put at risk.
Tesla sells vehicles online, they have no sales people……..More job and customer service elimination……..At the rate they are going, soon, nobody will be able to afford a new car, let alone a Tesla……