Word: bobbed
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Dates: during 1980-1989
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...season of wildly conflicting pronouncements on the decline of the American middle class, the truth for most American families lies in the details of their lives. And the details paint a discouraging picture of the generational fortunes of the Forrester family since Bob, now 60, went to work as a tankerman in the Inland Boatmen's Union in Los Angeles harbor...
Look, for example, at the jarring similarities in two family purchases: Bob Forrester's first house, in 1957, and his daughter Peggy's first...
...Bob, then 29, bought a three-bedroom house for $9,750. He put $750 down, which was less than 14% of his $5,512 a year in earnings, and paid $175 a month. It was all he could afford...
...Bob's house, Peggy's car. Though the gulf in buying power is already startlingly wide, it grows wider with time...
...Bob sold that house in 1973 for $46,250, nearly five times what he paid for it. He then borrowed $24,000 and built a house that is now worth $300,000. Peggy still does not own a house; her car is now worth...