[Alumni-chat] What will the BOT do?

[alanbenard (alanbenard at pobox.com)]

>Again, I guess I don't understand.  The majority of co-op jobs I had paid minimum wage.  As a financial aid student, I was expected to cover all living costs out of that plus save at least two hundred dollars towards the study quarter.  I managed to do this.  Some co-op jobs paid much better than minimum wage, but these were usually in the sciences.  Many interesting jobs paid nothing because they were essentially volunteer -- excellent learning opportunities, very poor pay.  If you were on financial aid, you had to balance all these options, another learning experience.
Minimum wage in 1965: $1.25/hour. Source: http://www.dol.gov/esa/minwage/coverage.htm

How Much things cost in 1965      Source: http://www.thepeoplehistory.com/1965.html
Yearly Inflation Rate    USA    1.59%    UK    5.0%
Average Cost of new house 	$13,600.00
Average Income per year 	$6,450.00
Gas per Gallon Petrol US / UK 	31 cents / 5 Shillings 0.26p
Average Cost of a new car 	$2,650.00
Loaf of bread 	21 cents
**Average Rent per month 	$118,00**


http://www.westegg.com/inflation/
1965 minimum wage adjusted for inflation: *$7.85* in 2006 or 7.85 * 40 = $314/week or $1256/month

Minimum wage in 2006 dollars in 2006: $5.15 or 5.15 * 40 = $206/week or $824/month

1965 average rent adjusted for inflation: $741.26/month
Average rent in Q4 2005 in 2005 dollars:  $940  Source: http://realestate.msn.com/Rentals/Article.aspx?cp-documentid=262101

1965 average rent as percentage of gross minimum wage pay: 58 percent

2006 average rent as percentage of gross minimum wage pay: 114 percent

I know it hurts to hear it, and it isn't fair, but there's reasons why Gen's X through Z are pissed off at boomers. 

Alan Benard, '92