The author: "This fact stares us in the face everyday, though no one really notices it. In the early ‘70s, typically one parent worked and the other stayed home. Today, BOTH parents work and most Americans are barely getting by."
I was around in the '70's. Actually, both of my parents worked then. Our "median-priced home" had one bathroom, no air conditioning, no garage, formica countertops, no...you get the picture. Today's "median-priced home" has a three-car garage, central air, granite countertops, 2 and 1/2 baths and so on. You are comparing apples to oranges.
I spent yesterday working on a home I own which is populated with "poor" people. Mom and the kids inside had the A/C cranked up while watching cable TV. Mom was surfing the (high speed--none of this dial-up nonsense for her) net while I was outside sweating. There is more wealth in this country now by far than in 1970 and this type of analysis has the purpose of cementing the case the our "Citizen of the World" should lead us down the path to more "spreading the wealth" to make things fair.
Jimmy Carter also warned us that we were in a malaise and we would have to get used to a permanent state of decline. We'll get through this as soon as we give the boot to Jimmy Carter redux and get on with the business of producing again.
We don't need a prostrate China in order for us to prosper, quite the contrary. Their prosperity aids us as well.
Thomas Jefferson lamented the rise of manufacturing at the expense of rural hamlets and farming. Now we lament the rise of "services" and "financials" at the expense of manufacturing. The rise of services and financials is not a sign of weakness but of prosperity. Stop attempting to spread the wealth around and allow producers to prosper from their wealth and we'll have a new beginning.
Jun 05 03:14 PM