Letters: Readers respond to an article about quitting the rat race, with some saying their generation was handed an untenable position and others saying the struggle is nothing new
And, the definition of well-off is a moving target. $150k a year now is the equivalent of $80k ish a year in 2000. That was a middle-class income then, but $100k+ now is seen as well-off by a lot of people.
It’s more well-off than many, but it isn’t what well-off used to mean. Outside of the super rich, everyone now gets fucked in their own way.
$150k a year now is the equivalent of $80k ish a year in 2000.
The point is the change in buying power. $80k per year now is equivalent to $45k per year in 2000.
To make what would have been $80k per year in 2000, you would need to make $150k per year now.
But in 2000, it is also very likely you could have bought a house on that salary of $80k per year. The equivalent $150k per year now may not even do that, depending on your state. In some sense, to be “well-off” (which is poorly defined, but let’s say: enough to comfortably afford a home) is likely more around $200k per year now. The baseline has changed, so even though $100k may sound like a lot, it isn’t what “six figures” used to mean in the context of salary. It is the equivalent baseline of about $50k per year in 2000.
And, the definition of well-off is a moving target. $150k a year now is the equivalent of $80k ish a year in 2000. That was a middle-class income then, but $100k+ now is seen as well-off by a lot of people.
It’s more well-off than many, but it isn’t what well-off used to mean. Outside of the super rich, everyone now gets fucked in their own way.
80k a year is like double what I make, how is that low?
The point is the change in buying power. $80k per year now is equivalent to $45k per year in 2000.
To make what would have been $80k per year in 2000, you would need to make $150k per year now.
But in 2000, it is also very likely you could have bought a house on that salary of $80k per year. The equivalent $150k per year now may not even do that, depending on your state. In some sense, to be “well-off” (which is poorly defined, but let’s say: enough to comfortably afford a home) is likely more around $200k per year now. The baseline has changed, so even though $100k may sound like a lot, it isn’t what “six figures” used to mean in the context of salary. It is the equivalent baseline of about $50k per year in 2000.