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The early 80s history lesson for everyone younger than Boomers. How bad was it financially?

 
Anonymous Coward
User ID: 83942113
United States
10/16/2023 03:48 AM
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The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
First, no one I knew had credit cards. Years later, in ‘86, I had a job requiring me to file an expense report. I got an American Express card for that.

In the early ‘80s, you paid cash everywhere. For mortgage payments, electricity, cable, and telephone, you wrote a check. My first house, because I did not have much of a credit history, was a 16 1/2 percent adjustable rate loan that I assumed. I had to save $2,000 for the closing. That was in 1984.

In 1982, I bought a new Ford F-100 pickup. It had a 19.5% interest rate on a four-year note.

If you had money in a Certificate of Deposit at a bank, you cleaned up. My great-uncle got 17.5 percent on a one-year CD. If that rate had been maintained he would've doubled his money every 4 1/2 years.

If you were willing to work hard, jobs were easy to find. Slackers were fired with extreme prejudice. Almost all jobs were full-time. Time and a half was frequent if you wanted it. Just about everyone had health insurance.

Side note: Disrespect a police officer and they would beat the piss out of you. None of that body camera shit.
Anonymous Coward
User ID: 29104064
Australia
10/16/2023 04:46 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
We had the Poilice packing the old HUGE phone books on the real crims, hold punch no mark.


It was hard financially, you saved for weeks to buy a pair of jeans. No tied on hair, salt sack inserts you called breasts or any of that crud.
Still I think it was a far happier time before the internet. Real people, real life not some salt sacked wannabe shit.
Anonymous Coward
User ID: 80730996
United Kingdom
10/16/2023 05:11 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
Yep, it was definitely harder in some ways, but things were better.
Fakename

User ID: 86268202
New Zealand
10/16/2023 05:27 AM

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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
A pack of smokes, a jug of beer and a feed of fish and chips for less than $5. The 80's were awesome.

clintyes

.
"Why don't you and I play a game of fuck off? you go first."

"Public ignorance is Government bliss"

"That was excessively violent and completely unnecessary, I loved it"
Anonymous Coward
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10/16/2023 05:50 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
I could steal pop bottles from construction sites and turn them in for the deposit at 10¢ per bottle.

Nice hustle for a little kid back then, but it was pretty hard work too.

I took that money and I've been holding the black man back with it ever since.
Anonymous Coward
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10/16/2023 05:54 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
I could steal pop bottles from construction sites and turn them in for the deposit at 10¢ per bottle.

Nice hustle for a little kid back then, but it was pretty hard work too.

I took that money and I've been holding the black man back with it ever since.
 Quoting: Anonymous Coward 86418387


Did you live in Florida then? We used to do that, then go to 7-11 and cash it in for junk food.
Anonymous Coward
User ID: 86418343
United States
10/16/2023 05:57 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
item 1980 1981 1982 1983 1984
postage stamp 0.15 0.18 0.20 0.20 0.20
bread 0.48 0.54 0.60 0.66 0.71
milk 1.60 1.69 1.79 1.89 1.94
gas 1.03 1.13 1.19 1.25 1.27
car $5,413.00 $5,743.00 $5,967.00 $6,116.00 $6,294.00
income $11,321.00 $11,661.00 $11,894.00 $12,133.00 $12,497.00​
house $86,159.00 $96,240.00 $103,073.00 $105,444.00 $110,610.​00








[link to www.inthe80s.com]
Anonymous Coward
User ID: 86418343
United States
10/16/2023 05:59 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
President: Ronald W. Reagan
Vice President: George Bush

Population: 229,465,714
Life expectancy: 74.1 years

Dow-Jones
High: 1024
Low: 824

Federal spending: $678.25 billion
Federal debt: $994.8 billion
Inflation: 10.2%
Consumer Price Index: 90.9
Unemployment: 7.1%


Cost of a new home: $83,000.00
Cost of a new car: $
Median Household Income: $19,074.00
Anonymous Coward
User ID: 86408878
United States
10/16/2023 05:59 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
Petrol or gas was $1.15 a gallon.
Anonymous Coward
User ID: 86411629
Canada
10/16/2023 06:00 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
the afghani hashish was flooded into north america with tasty goodness...

bonghit
Maiya
It's kind of fun to do the impossible.

User ID: 83702605
United States
10/16/2023 06:05 AM

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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
This time was bad for me. I am amongst the youngest of the boomer generation. We had none of the advantages of those in our generation born in the 40’s and 50’s.

There were no jobs when I was emancipated out of foster care in 1980 at the age of 17. I was left to the streets.

I went in the military at age 20 in 1983 as at least I’d have food and a place to sleep.

Credit cards were not handed out like candy. I am female and could not get a CC unless I was married and put on my husbands account. No card for me even after years in the military.

In 1985, I nearly bought a car through AAFES. Interest rates were 12 percent through them.

House interest rates came down slowly. In December 2000 I bought my first home. I thanked my lucky stars to have a 6.5% interest rate on a 30 year mortgage.

There were news reports of the elderly dying in their homes because they could not afford to run their HVAC. Lots of freezing to death in the winter and deadly heat exhaustion in the summer.
They never thought she would lose. Now they all lose.
neverfear

User ID: 65696503
United States
10/16/2023 06:07 AM

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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
First, no one I knew had credit cards. Years later, in ‘86, I had a job requiring me to file an expense report. I got an American Express card for that.

In the early ‘80s, you paid cash everywhere. For mortgage payments, electricity, cable, and telephone, you wrote a check. My first house, because I did not have much of a credit history, was a 16 1/2 percent adjustable rate loan that I assumed. I had to save $2,000 for the closing. That was in 1984.

In 1982, I bought a new Ford F-100 pickup. It had a 19.5% interest rate on a four-year note.

If you had money in a Certificate of Deposit at a bank, you cleaned up. My great-uncle got 17.5 percent on a one-year CD. If that rate had been maintained he would've doubled his money every 4 1/2 years.

If you were willing to work hard, jobs were easy to find. Slackers were fired with extreme prejudice. Almost all jobs were full-time. Time and a half was frequent if you wanted it. Just about everyone had health insurance.

Side note: Disrespect a police officer and they would beat the piss out of you. None of that body camera shit.
 Quoting: Species 8472


hesright
live and let die
neverfear

User ID: 65696503
United States
10/16/2023 06:12 AM

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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
Petrol or gas was $1.15 a gallon.
 Quoting: Anonymous Coward 86408878


When I was 16 and bought my first car gas was 27 cents per gallon and a pack of smokes was 24 cents each.

That's a fact jack, and I have a photo of my car parked under the "FINA" gas station where I worked with those prices on that billboard to prove it.

Thanks for a blast from the past!

Last Edited by neverfear on 10/16/2023 06:12 AM
live and let die
Anonymous Coward
User ID: 86418126
Australia
10/16/2023 06:24 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
The 80's were awesome.

:clintyes:

.
 Quoting: Fakename


hesright
Anonymous Coward
User ID: 83764734
United States
10/16/2023 06:30 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
item 1980 1981 1982 1983 1984
postage stamp 0.15 0.18 0.20 0.20 0.20
bread 0.48 0.54 0.60 0.66 0.71
milk 1.60 1.69 1.79 1.89 1.94
gas 1.03 1.13 1.19 1.25 1.27
car $5,413.00 $5,743.00 $5,967.00 $6,116.00 $6,294.00
income $11,321.00 $11,661.00 $11,894.00 $12,133.00 $12,497.00​
house $86,159.00 $96,240.00 $103,073.00 $105,444.00 $110,610.​00








[link to www.inthe80s.com]
 Quoting: Anonymous Coward 86418343




those house prices seem high...my parents paid $50k for a new 3/2 house in Palm Beach County in 1983. My dad was a mailman earning about $40k salary.
Anonymous Coward
User ID: 86418387
10/16/2023 06:35 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
I could steal pop bottles from construction sites and turn them in for the deposit at 10¢ per bottle.

Nice hustle for a little kid back then, but it was pretty hard work too.

I took that money and I've been holding the black man back with it ever since.
 Quoting: Anonymous Coward 86418387


Did you live in Florida then? We used to do that, then go to 7-11 and cash it in for junk food.
 Quoting: Anonymous Coward 80718509


Not in Florida, but it was definitely a 7-11 lol.
Anonymous Coward
User ID: 86416227
Australia
10/16/2023 06:43 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
And if you wanted a good fap there was always plenty of crusty porn mags laying around in whatever woods happenned to be nearby.

Most young boys saw their first vagina in those woods.

It was a sacred place for the young male.
RedHeadedStepChild

User ID: 80860155
United States
10/16/2023 06:51 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
I remember my parents closing off my bedroom that was over the garage during the winter so that they could save money on the heat bill. My bed was moved to my sisters room and there was hardly room to walk through. I don't know how much money they saved but it happened a few winters in a row.
88

User ID: 76930440
United States
10/16/2023 06:55 AM

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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
I was a teen in the 80's and my first job (working for my dad's cleaning company) paid $4 per hour. I had 3 jobs in high school. I got my first car at 15y0 ('77 Camaro) when dad got a loan and I paid him $150 every month until it was paid off (4 year loan). My car insurance was $2200 a month in 1988 at the age of 19. The rate was supposed to be 12% but since my dad cleaned the bank he got a deal at 11%.

I loved clothes so I worked to pay for them. Designer jeans were around $60, shoes were around $35 (pumps in every color). When I was 8 I wanted a certain pair of "fashion boots" that all the girls were wearing so I saved my allowance to buy them. They were $25. Clothing was expensive because it was mostly made in the US. I still have some of those clothes and they are such better quality and none of them are from China.

I can't speak on anything more "adult" since I was a teen through the 80's but I know my dad was trying to sell the home he grew up in (which he turned into a rooming house) but the Capital Gains tax was 33% in 1986, so he sold it as seller financing and charged interest to the purchaser. It was a tiny house but he sold it for $350K back then, which the seller paid my dad $3K a month for 30 years. This was to be my parent's main source of retirement income.

I saw my dad's tax return in 1987 and he grossed $95K, which was a lot back then. It was income from his rooming house and cleaning business. But then he lost his cleaning bid, after 20 years, to a group of "minorities" in 1989, then had to close his cleaning company because he was 62 yo and found out he had Congestive Heart Failure. Also, he purchaser of his Rooming House stopped paying him in 1988 (long ass sad story) my parents had to sell the house and go into senior housing, even after borrowing $8K from me. Then I supported them til they each died in '03 and '18. My mom was a SAHM so she didn't get a lot of SS. Sorry, getting off track here lol.
Anonymous Coward
User ID: 80095797
United States
10/16/2023 07:00 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
The country was unified then. Unlike now where its D vs R. Liberals have gone insane. We all knew there were only two genders.
Hank Panky

User ID: 85959553
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10/16/2023 07:01 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
President: Ronald W. Reagan
Vice President: George Bush

Population: 229,465,714
Life expectancy: 74.1 years

Dow-Jones
High: 1024
Low: 824

Federal spending: $678.25 billion
Federal debt: $994.8 billion
Inflation: 10.2%
Consumer Price Index: 90.9
Unemployment: 7.1%


Cost of a new home: $83,000.00
Cost of a new car: $
Median Household Income: $19,074.00
 Quoting: Anonymous Coward 86418343


I paid like $63K for a new split level in 1993.
Anonymous Coward
User ID: 75949274
Costa Rica
10/16/2023 07:02 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
what was total private debt?

what was total national debt?

the economy could absorb much more back then


and the banking crisis in that time was a fraction of what it is now
Anonymous Coward
User ID: 86418561
10/16/2023 07:13 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
Mostly WHITE AND STRAIGHT people.

None of these homosexual mutts you see everywhere now
curry nosher

User ID: 86264763
Netherlands
10/16/2023 07:17 AM

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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
In the early 90's I had a 100% mortgage that went up to 14% interest!
These fuckers moaning about 7% haven't got a clue... stop buying news cars, expensive holidays 3 times a year n stuff u don't need while moaning you can't afford your mortgage!

Last Edited by curry nosher on 10/16/2023 07:18 AM
Anonymous Coward
User ID: 77391584
United States
10/16/2023 07:18 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
A pack of smokes, a jug of beer and a feed of fish and chips for less than $5. The 80's were awesome.

:clintyes:

.
 Quoting: Fakename


Yep

and OP people did have credit cards, most didn't use them unless it was an emergency. It was harder to get a credit card, I worked for over 6 years (started in 85) and got declined every time I applied for a major card, finally got a discover in the early 90s. I was in high school in the early 80s.
Anarcho Capitalist

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10/16/2023 07:22 AM

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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
bump
Anarcho-capitalism, check it out...

All comments are meant for entertainment purposes only and should not be construed to reflect the feelings and opinions, implied or expressed, of the author.
Anonymous Coward
User ID: 86416227
Australia
10/16/2023 07:23 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
Mostly WHITE AND STRAIGHT people.

None of these homosexual mutts you see everywhere now
 Quoting: Anonymous Coward 86418561


Poofter bashing was a sport in Aus early 80's.

You were cobsidered a poof lover if you had never bashed a poof at some point.
Terp

User ID: 77001005
United States
10/16/2023 07:26 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
I remember paying 89 cents per gallon in the late 80s in Northern California (Chico). I could fill my tank for less than $15.

A large pizza and two root beers was about $11.

Minimum wage was around $4.50
Anonymous Coward
User ID: 86418608
10/16/2023 07:27 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
nothing like this
JustmeTX

User ID: 84369183
United States
10/16/2023 07:41 AM

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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
The job market in 1982 sucked.

Everything else was nice though.

You could go to any public place and there were beautiful women walking around dressed really nice. White women of course.

You could go to a mall and walk around without a bullet proof vest on. :)

If you walked into a dept store, most of the times a sales clerk would ask you if you needed help finding anything.
I must have said, "Just browsing" about a million times just to get them to leave me alone.

Radio shack was still in business and everywhere. By golly if you needed a transistor or a diode, or a scanner, or a really crappy stereo, they had you covered. :) Bought a 150 in 1 electronics kit there once and it was a great educational toy.

Sears sold just about anything you could dream of for a bit more than you could buy it elsewhere, and with quality below what you could buy elsewhere. But if you were in a hurry and didn't want to shop, their stuff was good enough generally and guaranteed fully.

Burger King burgers actually tasted good.

You could buy fruit in a grocery store that was actually edible and sweet.

People still smoked in bars.

Ford still made cars.

The Sun was yellow and felt nice on the skin.

you could walk past so many areas that had a little water and there would be beautiful women in bikinis as far as the eye could see. White women of course.

It was a kinder, gentler time. Men were men and women were women.

There were gay people, but it was not in your face and mostly unnoticeable by normal society.

You could walk anywhere in safety and there were not homeless throngs hanging out at every road intersection.

If someone looked like they needed a ride, you would stop and offer them a lift as far as you were going in their direction. ANd there was no murder death killing. They just needed a lift, you gave them a lift. Chatted for a couple minutes and dropped them off.

If someone's car was broken down on the side of the road, you would stop and see if they needed help. Cell phones were not really a thing yet, so if someone was on the side of the road and miles from a town, they were pretty much screwed if soomeone didn't help. So you helped them, maybe later someone helped you.

I was driving my old college chevy van down a road and the darn thing just quit. A guy yells at me from the Kmart auto shop across the road that he knows what the problem is, and to pop the hood. The guy sprinted across the street with a hunk of wire and a tool. Says the ground wire broke. Attached his new ground wire, and it started right back up.

I tried to give the guy a $20 and he would not accept it.
He went back to work, and I continued to the gym for my workout.

America used to be a pretty awesome place. I guess that has been lost. Didn't really seem special back then, but it was.
Justme
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10/16/2023 07:43 AM
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Re: The early 80s history lesson for everyone younger than Boomers. How bad was it financially?
item 1980 1981 1982 1983 1984
postage stamp 0.15 0.18 0.20 0.20 0.20
bread 0.48 0.54 0.60 0.66 0.71
milk 1.60 1.69 1.79 1.89 1.94
gas 1.03 1.13 1.19 1.25 1.27
car $5,413.00 $5,743.00 $5,967.00 $6,116.00 $6,294.00
income $11,321.00 $11,661.00 $11,894.00 $12,133.00 $12,497.00​
house $86,159.00 $96,240.00 $103,073.00 $105,444.00 $110,610.​00








[link to www.inthe80s.com]
 Quoting: Anonymous Coward 86418343




those house prices seem high...my parents paid $50k for a new 3/2 house in Palm Beach County in 1983. My dad was a mailman earning about $40k salary.
 Quoting: Anonymous Coward 83764734


depends on the area I guess for all those prices.

I could still get a loaf of bread at Aldi's for 25 cents in 1990. I remember because we would get bread there and go feed the ducks (Northern Ill).

Bought a house in 1992 (TN) for about $62,000, but I know the houses were more expensive where I grew up.





GLP