Originally Posted by Nick1994
Worse.
Previous generations had pensions, cheap health insurance, cheap prescriptions, cheap housing, cheap cars, and things were a lot simpler.
Unless I get a job in the government, I'm basically guaranteed to not have a pension. Who knows if Social Security will even be a thing when I'm old. Housing values are ridiculous, cars are ridiculously priced, health insurance is crazy expensive and so are doctors visits and prescriptions, etc.
As a percentage of income, their houses were about the same, their cars were much more expensive.
But their homes were small ranches, maybe 1500 square feet, while the average now is a two story and much larger.
If they bought in the 1970s and 1980s, interest rates were as high as 15% on their mortgages, making their houses much more expensive.
Their cars lacked seatbelts, airbags, ABS and got a fraction of the MPG, while needing a tune up every six thousand miles, oil change every three thousand, and tires every fifteen thousand. Most were delivered without AC. So, cars were much more of a luxury item, and ate up far more of their budget.
While killing and maiming them at a far higher rate.
They weren't cheap, and today's cars are far more efficient, safe and luxurious.
For several times what you spend on a 50" LCD TV, they had black and white with three channels.
Nobody had a microwave.
Their health insurance was cheaper because things like MRI, CT scans, and most of today's drugs didn't exist. A person who got sick was far more likely to die (my grandfather died of a blot clot at 55. I lived through it at 52, and have the advantage of Xarelto, which didn't even exist a decade ago), so the health care cost was much cheaper.
They didn't have your cell phones.
Or your internet.
Or the convenience and low prices of big box and Amazon shopping.
Air fare cost about as much as a new car, so they didn't travel they way you can.
Most companies didn't offer pensions, though bigger ones did, that's a myth. Further, if those companies went under, so did your pension.
The tax code didn't allow for tax free savings growth. You have both IRA and 401(k) options, products of the 1980s. Assets that you retain and control, so your employer's failure doesn't cause your financial ruin.
You're in control of your future in a world where information is free and available, you have control of your financial assets, you can buy goods cheaply and easily, you can travel cheaply, and if you get sick, or injured, doctors are able to perform what should be considered miracles to save your life and fix you back up.
We live in amazing times. We are far more wealthy than previous generations, when you consider what we take for granted.
