Inflation hasn't been even across the economy, either. The vast majority of inflation since the 1980s had been in the price of housing, education, and healthcare. People who bought a home and finished college 20+ years ago have seen almost zero inflation, while people who were too young or too disadvantaged to get on the ladder are even worse off.
$4/hr in the 70s is "officially" $18/hr now, but you could much more easily rent an apartment (without roommates or with only 1 roommate!) or pay for college making $4/hr in 1975 than making $18/hr now. A studio apartment in NYC was like $175 a month in the 70s!
Inflation hasn't been even across the economy, either. The vast majority of inflation since the 1980s had been in the price of housing, education, and healthcare. People who bought a home and finished college 20+ years ago have seen almost zero inflation, while people who were too young or too disadvantaged to get on the ladder are even worse off.
$4/hr in the 70s is "officially" $18/hr now, but you could much more easily rent an apartment (without roommates or with only 1 roommate!) or pay for college making $4/hr in 1975 than making $18/hr now. A studio apartment in NYC was like $175 a month in the 70s!