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US GDP per capita is four times higher than in 1950. It doesn't really matter what the GDP is - you can have a high GDP and have folks barely eating. It more m

US GDP per capita is four times higher than in 1950. It doesn't really matter what the GDP is - you can have a high GDP and have folks barely eating. It more matters how the money gets distributed. People did not have trouble supporting families then Yes, they did.

barry-cotter 5y ago
People in the US in 1950 were aware on some level that they were the richest society in the world. Many of them were probably aware they were the richest society in human history. They were five years into a boom that lasted well into the 70s. I kind of doubt there was widespread worry about being able to afford to support a family. The historical record doesn’t show much evidence of it. The Baby Boom kind of militates against that idea too. As for the average US household consumption it’s marginally lower than in the city state of Hong Kong with its much smaller households, and almost $10,000 a year higher than Switzerland, the number three. The US is the richest society in human history, as has been true since it’s consistent parts were British colonies.
- Broken_Hippo 5y ago
  It takes a quick google search to learn about poverty in the 1950s. The poverty rate was 22% - about 40 million folks in the US at the time. I'm pretty sure poverty makes you worry about not supporting a family, and I'm pretty sure that over a fifth of the population being in poverty is more than just a few folks. "The richest society in the world" can still contain a lot of poverty. None of the things you said mean poverty wasn't an issue. They are just numbers without context nor comparison. Links: https://www.debt.org/faqs/americans-in-debt/poverty-united-states/#:~:text=In%20the%20late%201950s%2C%20the,million%20Americans%20living%20in%20poverty https://www.debt.org/faqs/americans-in-debt/poverty-united-s.... https://study.com/academy/lesson/urban-poverty-in-the-us-in-the-1950s.html https://study.com/academy/lesson/urban-poverty-in-the-us-in-... https://www.bloomberg.com/opinion/articles/2019-11-01/economic-growth-in-the-1950s-left-a-lot-of-americans-behind https://www.bloomberg.com/opinion/articles/2019-11-01/econom...
- imtringued 5y ago
  Low debt levels inevitably lead to a golden age. The way money is set up we will always have a debt problem because savings interrupt the economy. To continue the economy you have to bridge over the transaction that was delayed and this is done via debt. There is literally no mechanism in our economy that lets us pay off debt which is why we do the inflation nonsense. No, a gold standard doesn't solve the debt problem.

barry-cotter 5y ago

People in the US in 1950 were aware on some level that they were the richest society in the world. Many of them were probably aware they were the richest society in human history. They were five years into a boom that lasted well into the 70s. I kind of doubt there was widespread worry about being able to afford to support a family. The historical record doesn’t show much evidence of it. The Baby Boom kind of militates against that idea too. As for the average US household consumption it’s marginally lower than in the city state of Hong Kong with its much smaller households, and almost $10,000 a year higher than Switzerland, the number three. The US is the richest society in human history, as has been true since it’s consistent parts were British colonies.

Broken_Hippo 5y ago
It takes a quick google search to learn about poverty in the 1950s. The poverty rate was 22% - about 40 million folks in the US at the time. I'm pretty sure poverty makes you worry about not supporting a family, and I'm pretty sure that over a fifth of the population being in poverty is more than just a few folks. "The richest society in the world" can still contain a lot of poverty. None of the things you said mean poverty wasn't an issue. They are just numbers without context nor comparison. Links: https://www.debt.org/faqs/americans-in-debt/poverty-united-states/#:~:text=In%20the%20late%201950s%2C%20the,million%20Americans%20living%20in%20poverty https://www.debt.org/faqs/americans-in-debt/poverty-united-s.... https://study.com/academy/lesson/urban-poverty-in-the-us-in-the-1950s.html https://study.com/academy/lesson/urban-poverty-in-the-us-in-... https://www.bloomberg.com/opinion/articles/2019-11-01/economic-growth-in-the-1950s-left-a-lot-of-americans-behind https://www.bloomberg.com/opinion/articles/2019-11-01/econom...
imtringued 5y ago
Low debt levels inevitably lead to a golden age. The way money is set up we will always have a debt problem because savings interrupt the economy. To continue the economy you have to bridge over the transaction that was delayed and this is done via debt. There is literally no mechanism in our economy that lets us pay off debt which is why we do the inflation nonsense. No, a gold standard doesn't solve the debt problem.