When Newt Gingrich announced that the US was entering the “Information Age” in the 1980s, I sensed that the “Information” wasn’t good. We were off-shoring entire industries and losing our manufacturing base. We were degraded our private sector and putting our economy at risk of imploding. Half the information we are able to get is useless.
The Information Age was launched by the invention of the integrated circuit in 1974 by Texas Instruments. It fueled the Computer Age, the Digital Age and New Media Age. This enabled people to access information and knowledge easily. The problem was that this information expanded beyond the useful and has become a useless distraction that allows fraud and subversion. Kids became addicted to their cell-phones. In the 2000s, Social media went toxic as it became another media indoctrination tool.
Now In the 2020s, Facebook and Instagram's parent company Meta said revenue fell 4% in the three months from July through September compared to a year earlier, from $29 billion to $27.7 billion. Monthly U.S. ad revenue at social media platform X has declined at least 55% year-over-year each month since billionaire Elon Musk bought the company formerly known as Twitter in October 2022, according to third-party data provided to Reuters. A study conducted in 2014 revealed that number of visits to public libraries had dropped by approximately 12% since 2009, Now libraries are used to promote drag queens. These should be closed.
TikTok brought in $11.6 billion in ad revenue in 2022, a sizable revenue increase from $3.9 billion in 202, estimates data show. ByteDance (owns TikTok) valuation hit $223.5 billion in 2023. The US needs to ban Chinese owned TicTok. It is a favorite toy where teens and kids can publish their antics, but they could use their own cellphones to record these antics and control distribution. They would be better off trying to learn what they would need to be self-sufficient adults and working a part-time service job.
The electronics boom began in the 1980s and continued through the 1990s and did bring jobs, prosperity and innovation. The Internet launched after computer chips were developed to handle the data volume. CAD design had replaced drafting tables and 3D pictures allowed for Computer Integrated Manufacturing. Lasers measured 3D parts with Coordinate Measuring Machines and replaced manual inspection Telecom went from analog on wires to wireless on radio frequencies to wireless digital and cell towers appeared to handle cell phones. Cell phones in the 2000s could take pictures and access the internet and became expensive toys. In the 1970s, US Auto Manufacturers failed to increase fuel efficiency and lost market share to the Japanese. The US lost jobs in 1998 and middle-income jobs have continued to decline. In 2000, Toyota introduced the Prius Hybrid and in 2005 the Prius got 60mpg. By the 2000s US Manufacturing had solved its quality problems with Lean Manufacturing. This rollercoaster ride put us where we are today, with a service economy where consumers cannot afford the services.
The “Information” included the reality that home value appreciation would be good for Boomers and bad for their kids. Too many Gen X kids (born 1965-1980) can’t even pay their rent much less qualify for a home mortgage. Gen Y kids (born 1982-1994) and Millennials (born 1981-1996) who don’t currently own a home are stuck with high home costs and high mortgage rates and Gen Z kids (born 1997-2012 need to be warned to increase their earning power in order to be self-supporting. In the 1960s a good family income was $10,000/yr. In 2020, a good family income was $100,000/yr. Unless we do something to end inflation, in 2100, a good family income will be $1,000,000/yr.
College undergraduate enrollment peaked in 2010 at 18.1 million
and moved to 15.9 million in 2020
https://educationdata.org/college-enrollment-statistics
US Student Loan College Debt reached $1.74 trillion in 2023.
I expect more students will opt for lower costs and more useful courses.
US Inflation has caused home prices to rise beyond what most families can afford and lower income families are stuck in the “Rent Trap”.
US Single Family Home Prices range from $229 thousand to $787
thousand based on the State. The US median price was $412 thousand in 2023.
https://www.forbes.com/advisor/mortgages/real-estate/median-home-prices-by-state/
|
Alabama |
$275,000 |
|
Alaska |
$363,000 |
|
Arizona |
$435,000 |
|
Arkansas |
$256,000 |
|
California |
$787,000 |
|
Colorado |
$612,000 |
|
Connecticut |
$387,000 |
|
Delaware |
$342,000 |
|
District
of Columbia |
$626,000 |
|
Florida |
$402,000 |
|
Georgia |
$366,000 |
|
Hawaii |
$750,000 |
|
Idaho |
$470,000 |
|
Illinois |
$272,000 |
|
Indiana |
$250,000 |
|
Iowa |
$229,000 |
|
Kansas |
$259,000 |
|
Kentucky |
$250,000 |
|
Louisiana |
$243,000 |
|
Maine |
$392,000 |
|
Maryland |
$410,000 |
|
Massachusetts |
$601,000 |
|
Michigan |
$253,000 |
|
Minnesota |
$338,000 |
|
Mississippi |
$258,000 |
|
Missouri |
$258,000 |
|
Montana |
$530,000 |
|
Nebraska |
$282,000 |
|
Nevada |
$437,000 |
|
New
Hampshire |
$470,000 |
|
New
Jersey |
$494,000 |
|
New
Mexico |
$365,000 |
|
New
York |
$490,000 |
|
North
Carolina |
$363,000 |
|
Ohio |
$235,000 |
|
Oklahoma |
$235,000 |
|
Oregon |
$502,000 |
|
Pennsylvania |
$276,000 |
|
Rhode
Island |
$467,000 |
|
South
Carolina |
$371,000 |
|
South
Dakota |
$307,000 |
|
Tennessee |
$368,000 |
|
Texas |
$348,000 |
|
Utah |
$566,000 |
|
Vermont |
$394,000 |
|
Virginia |
$413,000 |
|
Washington |
$602,000 |
|
West
Virginia |
$285,000 |
|
Wisconsin |
$298,000 |
|
Source: Redfin Monthly Housing Data (September
2023) https://www.forbes.com/advisor/mortgages/real-estate/median-home-prices-by-state/ |
|
The State Minimum Wage varies in 28 States for 2024.
Some States have been raising their minimum wage. Here is an update. 22 States use the Federal Minimum Wage at $7.25/hr and don’t have a State minimum wage, so companies pay according to skill level and market rate. States with the highest State Minimum Wage are more expensive to live in.
*Differing minimum wages: One or more
cities/counties have different rates and/or other factors affect rate (i.e.,
employer size, number of employees, employee benefits) States with a + are
planning another rate hike. States with * use the higher rate for companies
with 25 or more employees and may have other factors.
|
STATE |
2023 |
2024 |
EFFECTIVE |
|
Alabama |
$7.25 |
$7.25 |
1/1/2024 |
|
Alaska |
$10.85 |
$11.73 |
1/1/2024 |
|
Arizona |
$13.85* |
$14.35* |
1/1/2024 |
|
Arkansas |
$11.00 |
$11.00 |
1/1/2023 |
|
California |
$15.50* |
$16.00* |
1/1/2024 |
|
Colorado |
$13.65* |
$14.42* |
1/1/2024 |
|
Connecticut |
$15.00+ |
$15.69 |
7/1/2024 |
|
Delaware |
$11.75 |
$13.25 |
1/1/2024 |
|
Washington D.C.+ |
$16.10*+ |
$17.00*+ |
7/1/2023 |
|
Florida |
$12.00+ |
$12.00+ |
9/30/2023 |
|
Georgia |
$7.25 |
$7.25 |
1/1/2024 |
|
Hawaii |
$12.00 |
$14.00 |
10/1/2024 |
|
Idaho |
$7.25 |
$7.25 |
1/1/2024 |
|
Illinois |
$13.00* |
$14.00* |
1/1/2024 |
|
Indiana |
$7.25 |
$7.25 |
1/1/2024 |
|
Iowa |
$7.25 |
$7.25 |
1/1/2024 |
|
Kansas |
$7.25 |
$7.25 |
1/1/2024 |
|
Kentucky |
$7.25 |
$7.25 |
1/1/2024 |
|
Louisiana |
$7.25 |
$7.25 |
1/1/2024 |
|
Maine |
$13.80* |
$14.15* |
1/1/2024 |
|
Maryland |
$13.25* |
$15.00* |
1/1/2024 |
|
Massachusetts |
$15.00 |
$15.00 |
1/1/2024 |
|
Michigan |
$10.10+ |
$10.33+ |
1/1/2024 |
|
Minnesota |
$10.59* |
$10.85* |
1/1/2024 |
|
Mississippi |
$7.25 |
$7.25 |
1/1/2024 |
|
Missouri |
$12.00 |
$12.30 |
1/1/2024 |
|
Montana |
$9.95 |
$10.30 |
1/1/2024 |
|
Nebraska |
$10.50* |
$12.00* |
1/1/2024 |
|
Nevada |
$10.25*+ |
$10.25*+ |
7/1/2023 |
|
New Hampshire |
$7.25 |
$7.25 |
1/1/2024 |
|
New Jersey |
$14.13* |
$15.13* |
1/1/2024 |
|
New Mexico |
$12.00* |
$12.00* |
1/1/2024 |
|
New York |
$14.20* |
$15.00* |
1/1/2024 |
|
North Carolina |
$7.25 |
$7.25 |
1/1/2024 |
|
North Dakota |
$7.25 |
$7.25 |
1/1/2024 |
|
Ohio |
$10.10* |
$10.45* |
1/1/2024 |
|
Oklahoma |
$7.25 |
$7.25 |
1/1/2024 |
|
Oregon |
$TBD* |
$14.20*+ |
7/1/2023 |
|
Pennsylvania |
$7.25 |
$7.25 |
1/1/2024 |
|
Rhode Island |
$13.00 |
$14.00 |
1/1/2024 |
|
South Carolina |
$7.25 |
$7.25 |
1/1/2024 |
|
South Dakota |
$10.80 |
$11.20 |
1/1/2024 |
|
Tennessee |
$7.25 |
$7.25 |
1/1/2024 |
|
Texas |
$7.25 |
$7.25 |
1/1/2024 |
|
Utah |
$7.25 |
$7.25 |
1/1/2024 |
|
Vermont |
$13.18 |
$13.67 |
1/1/2024 |
|
Virginia |
$12.00 |
$12.00 |
1/1/2023 |
|
Washington |
$15.74*+ |
$16.28* |
1/1/2024 |
|
West Virginia |
$8.75 |
$8.75 |
1/1/2024 |
|
Wisconsin |
$7.25 |
$7.25 |
1/1/2024 |
|
Wyoming |
$7.25 |
$7.25 |
1/1/2024 |
*Differing minimum wages: One or more cities/counties have different rates and/or other factors affect rate (i.e., employer size, number of employees, employee benefits)
Comments
Since Newt Gingrich announced the “Information Age” in the
1980s we find ourselves in a whole new place.
Social Media and College attendance have peeked and are declining. Single Family Home prices have not peaked. The minimum wage is more complicated. Now you have more information than you need unless you plan on moving to another State.
Norb Leahy, Dunwoody GA Tea
Party Leader
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