Getting all the hours one needs isn't necessarily the answer as more importantly is the number of hours one has to work in a job to be able to purchase the product. Over time, cost of goods, TVs for example, have become much cheaper, yet others more expensive.
That's the point I made about the 1950s (hours didn't matter because purchasing power was so high). From the Consumer Expenditure Survey, you can get how much is spent on each type of thing. Putting these 6 things together -- Homes, Healthcare, Entertainment, Education, Pension/Social Security, and Food -- they took up 58% of median income in 1986, but 69% of median income in 2017.
Getting all the hours one needs isn't necessarily the answer as more importantly is the number of hours one has to work in a job to be able to purchase the product. Over time, cost of goods, TVs for example, have become much cheaper, yet others more expensive.
That's the point I made about the 1950s (hours didn't matter because purchasing power was so high). From the Consumer Expenditure Survey, you can get how much is spent on each type of thing. Putting these 6 things together -- Homes, Healthcare, Entertainment, Education, Pension/Social Security, and Food -- they took up 58% of median income in 1986, but 69% of median income in 2017.
Yes, we are much poorer in 2024 than 2017 with energy hikes affecting everything.