Better Off Now Than 5 Years Ago?

I normally disregard these "Are you better off now than you were X years/months/minutes/seconds ago"? surveys. They are usually selective, small sample, tough to generalize, etc.

But that said, this Pew summary of 40 years of such surveys among the middle-class in America is remarkable:

We are at a 40-year low, with most of the emotional carnage having happened in the last six months. That is the sharpest decline in the poll's history.

So, are you better off than five years ago? Worse? Other? Indifferent? Bemused? Do tell.

Comments

[CrackingUp:]

The natural elite will always be better off then we were five years ago - the pain for the middling mediocrity is only evidence of the problem of our entitlement culture. Enlightened self-interest has been beaten down by the greed of leaders that act in destructive self-interest, a tide that is about to change in the home of the greatest economic model known to man!

Pain for some is unavoidable in such a system, but there is no substitute for the incentive it provides. Hopefully the middle class will vote for the American dream rather than continuing to vote for leaders that represent blue-blood, monarchist, anti-American elitism. Fear is a powerful selling tool, but hope springs eternal in times of trouble.

2008 Apr 21 11:26 AM

[Malkiel:]

After reading what 20 years of right-wing propaganda has done to "thethirdway"'s brain, it's clear at least one person is scraping the all-time bottom of the barrel...

2008 Apr 21 11:44 AM

[CrackingUp:]

I am confused Malkiel - could you be more explicit in your assessment of my brain? As a registered Democrat from Massachusetts (born and raised), I am concerned that you may be percieving my comments differently than intended.

I am making two interrelated claims:
-Entitlement has made the percieved (and experienced) pain of the current downturn more acute for the middle class
-Pure self-interest on the part of some, as opposed to enlightened self-interest, has led to a far more critical series of events than would have occurred in a more balanced environment

If you disagree with my position - which I welcome in the spirit of innovation - please be more clear in stating your arguments rather than reverting to what feels like a personal attack.

2008 Apr 21 12:16 PM

[dmnieren:]

I keep pretty detailed expense records (part of running the finances for my wife's business) and I can say with certainty that our day-to-day expenses are more than 30% higher than they were 5 years ago. However, I'm lucky in that my salary is 50% higher, so I'm better off, but I can certainly see where a heck of a lot of people who haven't had such good fortune would be in a world of hurt.

By the way, we're not living any richer, we're putting that money away for buying a house when (hopefully) the market is closer to a bottom. We still have the same car as 5 years ago, etc etc.

2008 Apr 21 12:40 PM

[PokerDonkey:]

Let's see, five years ago I owned a nice house, a new benz, vacationed in Europe, and dated a hot, blonde 23 yr-old. Now I'm living in the same house, buying a new BMW, vacationing in Costa Rica, and dating a hot, blonde 22 yr-old. Eh, pretty much the same. I wonder what I'll be doing 5 years from now.

2008 Apr 21 01:54 PM

[billddrummer:]

5 years ago I was suffering some mental anguish with a bad marriage, poor career choices, and struggling to make a house payment. Now I'm enjoying single life, dual careers (retail/banking), and struggling to pay rent on an apartment. But I do have a new car, and my mental state is better. So, on balance, I've broken even.

2008 Apr 21 04:58 PM

[HARM:]

DonkeyPoker,

Q: Are you posting from your bedroom @mom 'n dad's, or from your dorm room?

2008 Apr 21 04:59 PM

[Wisdom-Seeker:]

Real Median Income has fallen (slowly) since 2001 and is now taking a swan dive.

2008 Apr 22 01:36 AM

[Igorsky:]

Observation: Is there any correlation of oil price going down to people feeling bad? In the mid 70's oil price zoomed up, mid 80's it crushed ($9/bbl)...late 90's it crushed ($12/bbl)...now from 2007 it has zoomed. Big oil price movements seem to be the cause or the effect of people's misery.

2008 Apr 22 08:53 AM

[Nick Gogerty:]

subjective well being "happiness" is one way to measure progress. Check out various countries on this metric at www.nationmaster.com/g...

#1. Malta
#2. Switzerland
#3. Denmark
#4. Ireland
#5. ??

2008 Apr 22 09:31 AM

[Fractalshift:]

The problem with America is the old saw: I went to sleep without a care in the world, and while I slept I had this dream that I was rich living on the beach in Fiji...then I woke up, and while I liked my life before I went to sleep... now I feel lousy!
Americans have gotten fat and lazy on a steady dose of cheap credit, ever rising assets and low inflation...sometimes you're the windshield sometimes you're the bug...

2008 Apr 22 11:20 PM