These are as accurate as the data I can find. This is for a single person, renting, no car, no student loans. It’s pretty clear that in 1970 that if an american had an average job you could live somewhat comfortably, and even save up for retirement if they could “tighten their belt”. In 2024, if an american has an average paying job, they are barely making ends meet. Worse yet, if they make a modal income (approximately $40000), they cannot make ends meet at all.
1970
Median Income: $822.50
Income Tax: $230.3
Payroll Tax: $31.20
Minimum Wage Income: $251.33
Income Tax: $35.19
Payroll Tax: $31.20
Rent: $108
Food: $70
Utilities: $100
Public Transit: 60 trips $12
Healthcare: $35
Dental: $6
Clothing: $5
Miscellaneous: $20
Total Cost of Living (Mean): 617.5
Percentage of Wages (Mean): 75.08
Nest Egg Calulation (start 25, retire 67): $228
Expected To Retire Percentage of Wages (Mean): 102.79%
Total Cost of Living (Minimum Wage): 352.01
Percentage of Wages (Minimum Wage): 140.06%
Nest Egg Calulation (start 25, retire 67): $89
Expected To Retire Percentage of Wages (Minimum Wage): 175.47%
2024
Median Income: $5168.92
Income Tax: $1137.16
State Tax (~2%): $103.38
Social Security and Medicare Tax (7.65%): $395.42
Federal Unemployment Tax: $35
Debt Burden Cost: $64.62
Modal Income: $3333.33
Income Tax: $400
State Tax (~2%): $66.67
Social Security and Medicare Tax (7.65%): $254.99
Federal Unemployment Tax: $35
Debt Burden Cost: $83.33
Minimum Wage Income: 1256.67
Debt Burden Cost: $167.56
Federal Poverty Line: $1255
Rent: $1393
Food: $418.44
Utilities: $469
Public Transport: $81.34
Healthcare: $591.67
Dental: $36
Clothing: $120.42
Personal Care Products: $72
Rental Insurance: $18
Life Insurance: $26
Miscellaneous: $100
Total Cost of Living (Mean): 5061.45
Percentage of Wages (Mean): 97.92%
Nest Egg Calulation (start 25, retire 67): $1434
Expected To Retire Percentage of Wages (Mean): 125.66%
Total Cost of Living (Mode): 4165.86
Percentage of Wages (Mode): 124.98%
Nest Egg Calulation (start 25, retire 67): $925
Expected To Retire Percentage of Wages (Mode): 152.73%
Total Cost of Living (Minimum Wage): 3493.43
Percentage of Wages (Minimum Wage): 277.99%
Nest Egg Calulation (start 25, retire 67): $349
Expected To Retire Percentage of Wages (Mode): 305.76%