CNN: Making Less Than Dad

Discussion in 'Politics, Religion, Social Issues' started by trebblekicked, May 25, 2007.

  1. trebblekicked macrumors 6502a

    trebblekicked

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    Chicago, IL, USA
    #1
    American men in their 30s are earning less than their father's generation did

    "Similarly, American families, which experienced a 32 percent increase in income levels between 1964 and 1994, saw household income growth slow to 9 percent between 1974 and 2004, according to the report.

    "There is clearly some story here that [U.S.] productivity gains are not trickling down to the median family," said John Morton, a co-author of the study and the managing director of economic policy initiatives at the Pew Charitable Trusts.

    Even as male incomes have declined and household income growth has slowed, the nation's productivity has remained robust. While the two once kept pace with each other, U.S. productivity has quickly outpaced income growth since the mid-1970s, according to the report."
     
  2. Rodimus Prime macrumors G4

    Rodimus Prime

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    #2
    I honeslty do not expect to make more than my father. Reason being is I am going into a lower paying field than he went into. Mind you I will have a starting pay well above the average salary of most people in this world but still less than my father.
     
  3. miloblithe macrumors 68020

    miloblithe

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    #3
    That's not really the point. We're talking about aggregate statistics, not individual cases.
     
  4. gauchogolfer macrumors 603

    gauchogolfer

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    #4
    So how much of our gains are due to an increase in two-income families? It sounds like the average pay/worker is stagnant, but more people overall are working, which also increases 'productivity'.

    FWIW, while I expect to have a well-paying career, I won't make as much as my dad, who was a successful doctor. Apples to oranges though, because if I was also a doctor I think it'd be comparable.
     
  5. IJ Reilly macrumors P6

    IJ Reilly

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    #5
    A few facts to consider:

    -Productivity is up.
    -Wages are stagnant.
    -The wealthy are getting wealthier.

    It's great days, if you happen to already be very rich.
     
  6. solvs macrumors 603

    solvs

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    #6
    The main point really. Costs are up while wages remain the same. The long term effects are pretty scary.

    Waiting for SL to come in and tell us how well he's doing, ironically proving the point.
     
  7. Chef Medeski macrumors 6502a

    Chef Medeski

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    #7
    Its education, as manufacturing plays less and less a role in the US economy, well-educated individuals are winning the chunk of cash in white collar positions. The average is making less than their father's generation because there is a gap growing between non-white collar and white collar positions with white collar positions needing atleast a college degree in most upperranking positions, only the richer of the last generation are able to allow their kids to get the education needed to grap the higher salaries.

    We need education reform. Most of the people who come out of public school sare wholly unprepared for college or any type of higher paying salary position (above 100k). Our education system is much worst than many developing countries and that is the problem.

    A generation ago, one could get by without the education but its more essential than ever with Chinese and Indian children being able to take those basic, manufacturing, and even lower level white collar position and often higher since they are more educated. The only people who can keep up are hte ones that have money.

    Basically education reform. Simple. Nothing else will help because we have too much competition to sustain lower education positions at our standard of living. So either learn or you will be doomed to less.

    I've been through Public school in FL (definitely quite a leap to Quebec education, and I was lucky enough to be taking as many APs as possible, I can't imagine what people doing Algebra II their senior year would think of people finishing Cal 2 equivalently in Quebec education senior year.), currently in a "public" college in Quebec, and going to make the leap to a private university not next year but the year after. $40k down the drain each year is a lot. But I'm determined to outdue my father and that means my education is worth debt. 3 years of university for me in Chemical Enginneering and then $50k/yr starting salary. Shouldnt be that bad to make up the debt in 5 to 10 yrs. Thats a typical investment. The problem is people who can't even afford to make that investment will not be able to leap up.
     
  8. Music_Producer macrumors 68000

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    #8

    That makes two of us
     
  9. srf4real macrumors 68030

    srf4real

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    #9
    Today's profits are reserved for shareholders and top level executives, squeezing as much out of the little man as possible to maintain investor confidence. Should be, when a company does well it's employees do well... but then we would have to do away with greed. The small company that I work for is the only one in my industry which compensates it's workers accordingly for our skills and loyalty. The others pay 20% to 40% less salary and make larger profits for the corporations, which become regional and national giants through expansion... funny thing is they have huge turnover of employees and customers, because their service quality and integrity suck. But, then, that is the American way.:rolleyes:

    "I'm in pest control."
    *cocks 9mm
     
  10. IJ Reilly macrumors P6

    IJ Reilly

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    #10
    Of course, you'll never do away with greed -- it's a basic human impulse. What's needed is a restoration of balance. First, shareholders need to complain loudly and continually about runaway executive compensation, particularly at companies which aren't doing well. Second, employees need better representation and collective bargaining. It's no accident that wages have stagnated as unions have lost membership and influence.
     
  11. it5five macrumors 65816

    it5five

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    #11
    I will never again take a job where I don't have representation and collective bargaining power. The Postal Workers Union has done an incredible amount to improve the workplace and lives of so many postal employees. If it weren't for the union, every postal employee would still qualify for welfare and have no health insurance or benefits. Because of the union, a job in the Postal Service is pretty desirable for (usually) people without a college education.
     
  12. solvs macrumors 603

    solvs

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    #12
    The idea of unions is great and something I fully support. But the one I worked for was disillusioning. Corrupt, incompetent, and pretty much everything they should have been fighting against. Another I was represented by on some other job I had years ago was the same way. Basically worthless. Worse actually, as it actively made things worse. My Mother is a teacher, and she'll tell you the same with her union.

    That being said, I still think they're a necessary evil considering how bad things were before unions, and how they seem to be headed again.
     

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