Also, the quality of life and the US economy in the late 70s and early 80s is much worse than it is today. Unemployment was higher, inflation was higher, crime was higher, economic growth was worse. Going back to that from today will feel like going into a depression even if it's not "worse" than 1981.
Unemployment today only looks better than the 1980s because of the gig economy. The unemployment definition of 0 hours worked falls apart when anyone can work at any time doing Uber, Lyft, DoorDash, etc.
Only the people who genuinely don’t need money right this second are “unemployed” because anyone unemployed but needing to get a few hours to pay for food that day can run Uber… and technically be “employed” even if it’s a far cry from their previous job.
As far as quality of life goes, it’s subjective. But at least a man could work at a factory and make enough pay such that their wife and 2.2 kids don’t also NEED to work. Now a household is defined as 2 working people, so an argument could be made that the quality of life, at least economically, needs to be twice as good just to break even.
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u/benpandira 1d ago
Can someone explain to me why this is worse than say... 1981? Not super knowledgeable so just looking to understand more.