The Oil Shock of 1973 is where median income stagnated.
1945-73 was the growth period and then for a variety of reasons, it petered out in the early Seventies, which was not Reagan's fault. The divergence you describe took place in the Eighties as income remained stagnant for most of the country and took off for the wealthy. That can indeed be laid at Reagan's feet.
Thread:
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In 1982 unemployment was over 10% and a 30 year mortgage was 16%. The Dow traded at 4x earnings.
- 1979-82 saw worse conditions but solutions were easier. We've been digging the same economic ditch for 25 years.
- Well, at least Carter and Reagan weren't fascists trying to break up NATO, etc. Nfm
- Bought an old renovated farmhouse 3 blocks from Lake Michigan at 15% on a 30 yr
- It was bleak. I was laid off and out of work for about 6 weeks...the A&P near me was going out of business so I stocked up on discounted groceries...
- Was the age of the median homebuyer 42 years old? Was the age of the median homebuyer over 60 years old? (nm)
- Shit is getting worse every day*
- And Volker broke inflation. *
- We were in the process of buying a home in Mission Viego circa 1978. When the mortgage rate hit 17% we could not qualify anymore. Two years later, we moved to Arizona for more affordable housing. *
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I’d argue that no matter how pretty the Reagan recovery looked on paper
- The Oil Shock of 1973 is where median income stagnated.
- Couldn't find a Summer job in Ann Arbor so I worked on Mackinac Island that year (m)
- apple cup week, lock in broski*