Word: fathered
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Dates: during 1980-1989
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...would cost Peggy almost $38,000 for a down payment on a median- price house in Los Angeles, something she could not manage at her present savings rate for about 40 years. As it is, she pays $500 a month in rent, almost three times as much as her father's initial mortgage payments...
...year is 1979. Billy Forrester, Bob's eldest son, 25, has gone to work "on the boats." He is married, has a child, and is a member of the Inland Boatmen's Union, just like his father. He works as a deckhand, making $11 an hour with full medical, dental and pension benefits. During his last full year in that work, he cleared $27,000 and saved $8,000, nearly enough for a down payment on a small house. The problem is that his company, United Towing, has just gone the way of dozens of other harbor companies...
...world looked very different to Bob Forrester when he married Carol in 1953 and began a new life in Los Angeles. He grew up in East St. Louis, where his father earned a modest blue-collar wage as an engineer in a chemical plant. Carol came from Staten Island, from two generations of longshoremen. Neither Bob nor Carol went to college. But back then, lack of a degree was no impediment to swift upward mobility, and for Bob a union labor job was the quickest ticket into the booming American middle class...
...Carol got there fast. By 1962 they had three children, and they owned a comfortable three-bedroom house. Carol stayed home and raised the children. They had accomplished something else that has always been critically important to Americans: "I'm definitely better off than my father was," says Bob. "We have a nicer place, my retirement will be more comfortable than his." Bob now makes $40,000 as a union official, owns three houses and a lot, collectively worth $600,000, and when he retires will receive a pension of $1,600 a month from his union in addition...
...year sounds quite respectable. Nevertheless, she had to live at home until last year. "I couldn't afford to move out," she says. She makes about $300 a week after taxes. (The withholding includes $32 a week in Social Security tax that will help pay for father Bob's retirement, a curious transfer of income.) Roughly two-thirds of that goes to rent, household and car expenses. She is unable to afford a private phone. With a median-price house in the area now at $188,000, she does not dream of owning...