The labor hours required to buy a color TV or a car are falling. This because of the effciency and productivity gains in the free marketplace.
The quality of the goods are much better as well. In 1973 (some may remember) the television was 25″ at most, had bad sound, no remote control, only a few channels, and poor resolution. Today, for less inflation adjusted dollars you can buy a much better TV.
In 1973, I recall, if your odometer turned 100,000 miles it was cause for a celebration. Today if you only got 100,000 miles out of a car you’d complian that it was a lemon.
Looking at actual Census Bureau data on what the poor have in their homes makes it clear that poor Americans are living better now than ever before. In fact, poor Americans today live better, by these measures, than did their middle class counterparts did in the 1970’s. That is to say that many of the poor would have been called middle class in the 1970’s, and the only reason they are called poor today is that the standard of living has risen for all classes.
– partially excerpted from Deidre McCluskey, CATO Institute
We are all doing better.
Good, good stuff. We cannot elevate someone by bringing others down.
Brian August 24, 2012 – 3:26 am I’m sorry, but I had to laugh. While I agree with the general uprawd trajectory you describe for the 787 program, you have to admit the timing could have been better.
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