Labor Day: A Veteran's Perspective on Work and Debt

Every year, on the first Monday of September, many Americans celebrate Labor Day. For a lot of people, this holiday means a long weekend, barbecues with family and friends, and a much-needed day off. But have you ever stopped to think about what the day truly represents?

Labor Day is a federal holiday dedicated to honoring the contributions of the American worker. It was born from a time when workers faced incredibly difficult conditions—long hours, low wages, and unsafe environments. These struggles sparked strikes and protests, and in the late 19th century, the U.S. government created the holiday to recognize the strength and dedication of the American labor movement.

"Success seems to be connected with action. Successful people keep moving. They make mistakes, but they don't quit." —Conrad Hilton

The U.S. economy has grown exponentially since then, and so has the American worker's income. Let's compare the financial realities of 1880 to today.

A Look Back at Labor

In 1880, the average American worker earned between $400 and $550 a year while working a 60-hour week. Adjusted for inflation, that's the equivalent of about $12,700 to $17,400 today. While these numbers may seem low, the culture around money was very different. People were generally hesitant to use debt for frivolous purchases and saw it as a tool for investments that would increase in value, not for buying shoes or paying for parties.

Contrast that with today. The average American worker earns approximately $66,600 a year. While wages have increased significantly, so has the cost of living. The bigger difference, however, is our relationship with debt. In modern society, it's become acceptable to finance nearly anything—from homes to takeout meals using "buy now, pay later" services. This has led to a national consumer debt of over $17 trillion, trapping many Americans in jobs they dislike just to keep up with their payments.

Our reliance on debt, fueled by easy credit, is what keeps the economy and large credit companies thriving. Whether you're one of the 23% of Americans who are completely debt-free or part of the majority carrying a significant financial burden, your hard work and contributions should be celebrated.

If you are struggling financially, you may not feel the freedom and strength you truly represent. By setting clear financial goals and understanding your personal "why," you can take control of your finances and make a significant impact on your life and on the nation as a whole. Your work, regardless of your financial situation, helps build the country we live in today.

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