Salaries in 1990

[Actinomycin]

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So found this article that says pharmacist mean salaries in 1990 were right around 45000 (Pharmacists' compensation and work patterns, 1990-91. - PubMed - NCBI). With inflation that amount translates to 87000 in 2018 dollars.

Would it be right to assume then that all the sky is falling threads are due to three reasons -
1. We dont have it as good as we had in 2008-10. Salaries are no longer 125000 but closer to historical trends.
2. Future looks bleaker and bleaker. Even though 2018 graduate salaries were around 80000 (32 hours, 50 dollars an hour), the future might be much worse.
3. Most importantly average tuition rose much faster than increase in salaries even during the crazy hike in salaries from 2000-2010 changing the ratio for whether to go into this profession. (Pharmacy Student Debt and Return on Investment of a Pharmacy Education)

Would love your thoughts!



What cost $45000 in 1990 would cost $87292.62 in 2018. Also, if you were to buy exactly the same products in 2018 and 1990,
they would cost you $45000 and $22427.51 respectively

 

[Actinomycin]

Wow, I read the second article I posted in more detail, especially table 3. In 2011 the authors were concerned that student debt was close to starting salary (both around 110000). The called this ratio of 1 being scary and of concern for new grads.

We have now gotten this ratio to 0.5 (80000 starting salary, 160000 average debt) I cannot imagine any other profession at such a ratio currently.

 

[awval999]

For most Americans, real wages have barely budged for decades
You forgot to add in "real" wage growth over the last 30 years. It's not a lot, but it's about 13% since 1990 according to this chart.

So yes, $45000 -> $87000 in inflation only.
Then add the 13% "real" wage growth across the economy...
Takes us to $98000.
Which is pretty close to that six figure mark. I think that's where we're going to see salaries. Right at that six figure threshold for new hires (40 hours week). We start at $104k in hospital. This is with PGY1.

 

[lord999]

You should read the article, there are some major caveats in the methodology and the response rate. It was the best job we could do, but adjusted wages are lower than that, and productivity standards were far lower. The silent paycut is you all working so much more efficiently per script than 30 years ago. They are not comparable as the job has evolved very differently.

For us academics, the sky is falling thread is from pharmacy never breaking the cycle of its incomplete professionalization, that the same stuff that Don Franke talked about 50 years ago in 1969 are the same bull that you're being fed today for clinical pharmacy, just rebranded, and that the employment and prosperity are a cargo cult rather than genuine advancement. We had the means to break the cycle a couple of times but now have to wait beyond any of our career lifetimes to have another attempt. Most who figure it out accept and either find another way or take the paycheck and go home as the bitter end is not here yet.

The epitaph that my advisor gave on the pharmacy profession was that:

"The Situation Is Hopeless, But Not Serious",

and as I've grown older, I definitely see the point.

 

[rxkrafted]

I just saw two postings from different independent pharmacies offering 60K/year and $25-50 dollars/hour in southeast area ... I hope no one takes these offers and becomes a trend. That seems extremely low even for independent pharmacies.

 

[Momus]

I just saw two postings from different independent pharmacies offering 60K/year and $25-50 dollars/hour in southeast area ... I hope no one takes these offers and becomes a trend. That seems extremely low even for independent pharmacies.

When your other option is driving Uber at 10/hr...

 

[rph3664]

Also, in 1990, employers came to us; we didn't have to go to them (and probably not get the job anyway). There also were few if any quotas, the idea of giving vaccines was proposed but being nixed left and right, and very few people did residencies and those people did them because they wanted to.