An interesting side note here. Most studies of the relationship between education and income made the mistake of confusing correlation with causality. Because there was a very strong trend for income to increase as education increased, the conclusion was drawn that education caused income. Better designed and conducted studies found that there was a factor that had an even higher correlation with both income and education that they had with each other: family income and socioeconomic status. Duh! More rich people’s kids went to college than poor people’s. And, duh, more rich people’s kids became affluent themselves than poor people’s. How surprising.)
Not only were recent male graduates competing with larger numbers of other men than ever before for fewer jobs than ever before, they were also competing with a significant number of women. In the 60s there had been an average of one promotion available for every 10 workers. By the 80’s, when the biological clocks of boomer women were beginning to go off loudly, that ratio had increased to 1/30. By the end of the century it will likely be close to 1/50. The opportunities for men to generate income sufficient to be sole support of a family were going away.
Particularly since the expectations of material goods had risen significantly in that time. During the post-war period when most boomers were born the average new house cost about $15,000 and had a one car-garage. Cars themselves cost from $1500 to $3000, except for “luxury