I am surrounded by boomers saying this that in their day interest rates were at 15% and we have it easy! I’m also surrounded by the younger generations saying this is ‘not the same thing’
Explain to me the reasoning…
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While everybody is fighting over interest rate vs house prices were all forgetting the “of the time” whole basket.
In the 70s and early 80s one didn’t worry about:
1) healthcare costs and accounting for the potential of medical bankruptcy.
2) maintaining two working cars so double the gas cost cause now both partners in the house must work to make ends meet
3) gas prices for said cars
4) current car insurance prices being multiple X than what they used to be
5) every other insurance being more expansive than it used to be
6) subscription services costing several times more monthly than what they used to cost back then
7) more people having had pensions and not needing to worry about putting a portion of their salary away into a 401k
Overall the burden these days is higher on all age groups on a monthly basis as compared to what it was back then. Was life easy in the 80s? No. But American life had a couple more safety nets that made the picture look less dark than it feels these days.
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