Eight track

Or...

Economics is a pseudoscience and that's being generous. If there was any truth to supply and demand, CNN, MSNBC, and the rest would have been off the air back in 2017 or sooner.

Kids don't get how it's all relative.
I was shittin eggrolls how I was gonna pay my first mortgage cause it was $256, UP from my $175 rent. (Of course we didn't own $20K in electronics, and drink $8 coffees) We had "Pong", watched free TV. and made our own coffee. We even drank water, (wait for it), FROM A FAUCET !

Heck, I still drink water from a faucet.

If you were paying $256 for your mortgage and had a pong console, that means you bought your house in 1975 or close to there. Probably somewhere in your early 20s. Which makes you a Boomer. Which explains why you think the economic conditions you grew up with still apply today. They don't. The costs of necessities (home, food, healthcare) and the costs of luxuries have changed places.

Let's lay out some averages so you can see how things have changed.

In 1975, the average single salary was $7.5K a year. That $256 mortgage was for a house that probably cost you $50,000 so...$3K for the year. Annual spend on healthcare per person: $500. Cost of electricity: $10 a month so $120 a year. couldn't find an average of water or gas so we'll exclude those from both. The cost of eggs was $0.3 for a dozen. New car? $4K.

What about luxury items? Like a 27-inch tv? In 1975 that was $500. That's 2 months of your mortgage. Or your entire healthcare bill for the year. 5 times your electric bill! Pong? $100 in 1975. A cell phone? Didn't exist yet, but in 1985 it would have cost you $3,000. Your mortgage bill for the year! Cable TV? That was $5. Half your electric bill!

But what about those costs today?
That salary is $60K. But that house? put a 3 in front of that 5 for $350,000. $2900 on the monthly note. (they're paying in one month what you paid in 1 year). Healthcare for the year? $16,000. Electricity? $175 per month. Eggs? $3 per dozen. New Car? $48K.

Side note: $175 was what I paid per month during the fall & winter in Texas. In late 'spring' and summer, it was double to keep the house at 80. But we'll keep that average for the year.

But those luxuries? That 27-inch tv? $100. That cell phone? $1k. An xbox? $500. Internet? $50.

So, you can see when compared to necessities like housing, medical care, and food, the costs of luxuries didn't keep pace. They actually went down. Buying a big screen tv and pong was a big deal back in 1975? That was $600. That was more than your mortgage, your electricity, cable tV in one month?

For a 27-inch tv and an xbox today? $600. What's that? 20% of the mortgage? The internet to power both for entertainment? Not even half the electricity bill.

The cost of those "luxury" items you're finger wagging over are trivial compared to the necessities of life- housing, health care, and food.

TLDR

I get it. It's hard to confront your feelings. You want to FEEL right so you'll go on complaining about "those kids" rather than learn facts.

It's okay, Boomer, we all knew you were going to do that anyway.