Blame it largely on the pandemic, which weakened the hold the workplace held on people’s psyches
By outward appearances, the labor market today looks much as it did before the pandemic. The unemployment rate is just as low, the share of adults in the labor force is just as high, and wages are growing at roughly the same pace after inflation.
But beneath the surface, the nature of labor has changed profoundly. Career and work aren’t nearly as central to the lives of Americans. They want more time for their families and themselves, and more flexibility about when, where and how they work.
The impact of this change can already be seen in both individual companies and the broader economy. It has led to a persistent shortage of workers, especially in jobs that seem less desirable because, for example, they require in-person work or fixed hours. That, in turn, has altered the bargaining position of employers and employees—forcing employers to adapt, not just by paying more but giving priority to quality of life in job offers.
To be sure, some of these changes arise from an exceptionally tight labor market. If unemployment rises, some of employees’ newfound leverage may evaporate.
Talk to some older folks.
As late as 1980, $20.00 made you feel like a big shot. You could buy yourself something fancy, or go out for a nice night on the town, or throw a great party.
You can have $20,000.00 in your hand today and feel like a chump. It won’t get you a new car, or make a downpayment on a house, Might let you rent a tiny room for a year, but you’ll be eating a lot of ramen.
That’s because people already had cars and houses then. So the $20 was extra. You could spend it on a nice meal, or some gas to go on a road trip. You could have seen the Rolling Stones in San Francisco for $15.50 in 1981:
https://www.valueyourmusic.com/items/186268753475-rolling-stones-used-concert-ticket-pair-1981-candlestick-park-san-francisco
Life is “better” now, because communications are essentially free. But basic things cost way more.
It sounds like you’re making the same point I am.
Back in the day a front row ticket was the best seat in the house. Now if a regular person spends the money for the front row they know that the really rich folks are having a real party in the sky box.
It’s funny you say this, but so many of the shows I go to have the cheap seats up in the stands, but the real expensive tickets are gen ad on the floor in/near the pit.