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These studies are flawed as they use "median household income" but households have changed a lot since the 1950s. There's many many more single parent household
by lupin_sansei 12y ago
These studies are flawed as they use "median household income" but households have changed a lot since the 1950s. There's many many more single parent households than in the 1950s. If you compare individual wages instead of households you can better see the wage increase since the 1950s.
- jqm 12y agoAlso a cell phone cost $7000000 in 1950. So if we look at the change in terms of cell phones rather than in terms of pieces of paper with pictures of dead white guys on them, wages have gone up over a million time while productivity has only gone up 4X. (well, not really, but to make a point...). In the 1950's families generally had one car. They didn't eat out as much. Less vacations. More work to manage a household. So amount of paper in hand is maybe less of an indicator than amount of goods and services that paper can buy. Which has increased I think.