My dad lived to the age of 83. Interestingly, one of the defining characteristics of his life occurred early in his life, during his elementary school years. He was only six years old when the stock market in our country crumbled and immediately following, banks couldn't honor the savings of their investors.
Consequently, Dad "came of age" during the Great Depression. The imprint from that experience forever colored his perception of the worst possible case scenario.
At the height of the Great Depression in 1933, nearly 25% of the nation's workforce was unemployed. Wage income for workers lucky enough to have kept their jobs fell 43% between 1929 and 1933. It was the worst economic disaster in American history. Farm prices fell so drastically that many farmers lost their homes and land. Many went hungry.
Dad's family never went hungry. They either planted and grew what they needed, or they bartered for what they were without.
Dad's early years were clearly a contrast to the decades of affluence that most of my generation can relate and one in which my dad was never completely comfortable.
One of the dreaded questions Dad often asked during my adolescent years when I was wanting something was: "How much does it cost?" Dad knew the value of hard work and he knew the value of a dime. Throughout his life, given the choice, Dad would prefer to have the dime rather than what it would buy. Because he knew from early childhood what it was like for his family to be without.
I was surprised by a recent news release from the U.S. Department of Labor. It read: "On April 23, 2024, a news release from the U.S. Department of Labor stated: BIDEN-HARRIS ADMINISTRATION FINALIZES RULE TO INCREASE COMPENSATION THRESHOLDS FOR OVERTIME ELIGIBILITY, PROVIDING PROTECTIONS FOR MILLIONS OF WORKERS.
"Effective July 1, 2024, the salary threshold will increase to the equivalent of an annual salary of $43,888 and increase to $58,656 on Jan. 1, 2025… The Biden-Harris administration is following through on our promise to raise the bar for workers who help lay the foundation for our economic prosperity."
It occurred to me that this publication is misleading. The federal minimum wage in this country continues to be set at $7.25 an hour. It has not been raised in 15 years. The one thing guaranteed by such an oversight is debilitating poverty and homelessness.
Every time I walk into the grocery store, I am shocked by the increase in prices. Yesterday, for example, I noticed that Blue Bell Ice Cream has gone up $3.00 a half gallon since a couple of weeks ago. Of course, that is nickel and dime stuff. By the way, I didn't go home with ice cream.
The median sales price for a home in Dripping Springs is $600,000. Rentals hover somewhere between $2,500 to $3,500 a month. For the record, Blanco is similar.
We may not be in the midst of the Great Depression, but single family dwellings and new cars are now way out of reach for most.
All My Best!
Don
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