Of course inflation has always been a part of life, but during the last several years it has increased much more rapidly then in decades passed. Everything from gas/oil, cars, food, housing and even cigarettes have caused many people, even children, to become homeless and hungry. Back in the mid-70's the baby boomers reached the age when they were looking to buy a home. And that tsunami of "boomers" caused the price of starter homes to double ... practically over night. The lowest cost home in most of the U.S. (mid-70's) could be bought for $12,000. Three years later, that same house was on the market for $35,000. Tripled in only 3 years. So, what besides "boomers", was driving this dramatic price increase ? Women began to enter the work force. With 2 wage earners, a married couple could afford ever more expensive homes. Back before the 1970's a man could easily support a wife and a child or two. Now days, it takes two earners to keep their families nose above water. Back in the mid-60's, a man who earned a mere $10,000 per year was doing pretty darn well. Today, $10,000 per year, is not enough for a single earner to support him/her self. Heavens' , the rent for a one bedroom apt costs roughly $$800/month. ($ 9,600 per year) . At such an outrageous cost, he/she hasn't a penny left for food, let alone to own a car. One factor of inflation is the dramatic minimum wage increase. Most of those minimum wage jobs were never intended for those who support a family. They were intended for those looking for a "starter job", in other words, mostly teens fresh out of high school. In California, the minimum wage is $15 dollars per hour, ($ 30,000/yr). Another MAJOR factor is the tsunami of illegal aliens. At last count, there were 29,000,000 illegals living in the U.S. Those folks may or may not be trying to buy a home, BUT surely they buy cars and gas. If they suddenly disappeared, the price of gas, would driop dramatically over-night. Senior citizens who are trying to survive on SSI alone, are one tiny step from becoming homeless.
You said, “Back in the mid-60's, a man who earned a mere $10,000 per year was doing pretty darn well.” I told my wife not too long ago that I distinctly remember when I took my first full time job, that if I could just reach $10,000/year, I would be set. Little did I know. I have this book downstairs, it belonged to my dad. The dollar isn’t worth diddly any more. https://www.amazon.com/Your-Dream-Home-Build-Less/dp/B00005Y0CL
I recall when the going measurement of success was to be earning $1,000 for every year of your age. So at 30, you should be making $30,000. I was making $10,000 when my wife and I broke up and I decided to keep the house. Inflation in a sense can sometimes work to your benefit if you have basic living expenses locked in while prices rise...employers have to raise salaries and/or pay more for new hires. Not long after we bought that place, just renting an apartment shot up to double of my pre-tax mortgage. I had to job-hop to get increases, but I couldn't see where loyalty was anything but a one-way street as new hires were making more than tenured staff...and no one would shed a tear if things went south and they had to lay me off. Regarding your premise of the two wage-earner family: I think that issue hit the cost of real estate harder than it hit anything else. I'm not certain that other costs are driven by it, because unlike real estate you can manufacture and deliver goods to wherever demand is high. Location Location Location. I'm still waiting for Teleworking to decongest these coastal work centers so good paying jobs can be more readily available nationwide. What's causing skyrocketing inflation these days is the cost of fuel, predatory regulations, and other risk introduced by a freedom-hostile administration.