One of my friends noted that his parents came to Chicago as immigrants from Italy in 1960. By the time their four children were old enough to go to college they had the money to pay for it and they owned two homes. Both parents worked at simple manual jobs, often two jobs.
Would two people arriving in the United States today or entering the job market today be able to afford as much as my friend’s parents?
I contemplated the answer to this question for two weeks. My answer is: a person entering the labor market today can do better in most senses of the word ‘better’ and can have something even more valuable which was not available in 1960.
Today even the poorest people in the bottom 10th of the population have every modern convenience from microwave to computer to cell phone. For the middle class everyone who wants a home can have one.
When I do my mental game of getting a job, I start at McDonald’s or Starbucks and find that in 10 years of being a reliable employee with some semblance of managerial skills I will be a regional manager able to afford a large suburban home.
The issue of having the money for college is different for two reasons. One, I don’t now and never have believed that a ‘good college’ is worth anything. All college degrees are the same to me and the market. So get a cheap one. If you are a great student get the appropriate scholarships to good academic schools.
Two, do not get yourself into debt for college. Because that means you miss the greatest benefit that is available now and wasn’t available 50 years ago.
Today we can do anything we want and support a family. This is the most valuable contribution that commerce has made to humanity.
You can do what ever you like, especially if you like it, and your efforts can support a family in comfort.
That is the greatest difference between today and 1960. In 1960 the few routes to success were visible and finite. Today they are not visible and they are not finite.
Would two people arriving in the United States today or entering the job market today be able to afford as much as my friend’s parents?
I contemplated the answer to this question for two weeks. My answer is: a person entering the labor market today can do better in most senses of the word ‘better’ and can have something even more valuable which was not available in 1960.
Today even the poorest people in the bottom 10th of the population have every modern convenience from microwave to computer to cell phone. For the middle class everyone who wants a home can have one.
When I do my mental game of getting a job, I start at McDonald’s or Starbucks and find that in 10 years of being a reliable employee with some semblance of managerial skills I will be a regional manager able to afford a large suburban home.
Two, do not get yourself into debt for college. Because that means you miss the greatest benefit that is available now and wasn’t available 50 years ago.
Today we can do anything we want and support a family. This is the most valuable contribution that commerce has made to humanity.
You can do what ever you like, especially if you like it, and your efforts can support a family in comfort.
That is the greatest difference between today and 1960. In 1960 the few routes to success were visible and finite. Today they are not visible and they are not finite.
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