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In my first link “In terms of constant (1960) dollars, the median family income increased from $4,000 in 1947 to $5,600 in 1960, or by 40 percent.” That’s 40%
by Retric 2y ago
In my first link “In terms of constant (1960) dollars, the median family income increased from $4,000 in 1947 to $5,600 in 1960, or by 40 percent.”
That’s 40% in 13 years vs a 33% in 64 years and a great deal of “productivity improvement” from all those computers, etc.
And I’ll reiterate because you seemed to skipped that bit “productivity is vastly higher” and people are paying for stuff that was otherwise done by homemakers. I know many dual income households that pay for childcare, housecleaning, food prep, shopping, etc which should be subtracted from any income differential. Eating fast food isn’t necessarily a net positive over a home cooked meal even if it “boosts” GDP.
PS: There’s also other subtle differences, like commuting costs, but to a reasonable approximation none of our increases in standard of living comes from an increase in dual income households.