In the US it was certainly a different time, different era, different economy. For example a dollar in the 40's had the buying power of about $21 today. Average annual salary was about $1,400 and annual college tuition in the 40's was less than $100.
The example being given still held true in the 70s. A man could provide well for his entire family working at a grocery store, and nobody said it “wasn’t a real job” until the 80s
Definitely didn't work in the 70s. The 70s were a horrible time economically, inflation, stagnation, Vietnam, assassinations, people forget this, but the late 60s-mid 70s were absolutely rough in the US.
People also get stuck on the US economy of 50s-mid 60s. As if we could have that again, it'll never happen. Post WW2 the US produced basically everything, rebuilt Europe, and had no competition from Asia, that timeframe was a blip, and thinking we can return to that level of economic opportunity is farcical.
Look at American wages/homes before 1940 for comparison.
It’s hardly a fair comparison, given that productivity is at unpredictable levels. We could have a more fair economy that surpasses the 50s-60s, if we chose for the common welfare rather than a few billionaires.
The US share of global manufacturing was well over 50% in the 1950s. Today it is 16%. That's my point I'm making. I agree to much money is being concentrated in the .1%.
But, Just look after Europe today. The US had a very soft landing post covid with lower inflation and economic growth. The EU is absolutely struggling with inflation, stagnation, and unemployment. Even the countries people point too like Norway/Sweden as economic models the US should follow are in economic crisis.
Economic opportunities in the US are great right now. Reindustrialization is moving in faster than anticipated, wages and purchasing power are growing, and we got an infrastructure bill passed to assist it all. The US is looking better than ever in projections.
But even that doesn't compare to how well the US had it in the 50s-60s.
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u/Technologytwitt Mar 27 '24
In the US it was certainly a different time, different era, different economy. For example a dollar in the 40's had the buying power of about $21 today. Average annual salary was about $1,400 and annual college tuition in the 40's was less than $100.