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KINGOFSHORTS
Registered: Sep 2007
Posts: 3554 |
02-25-09 04:39 PM
At the household. Wife stays home, they own a home, college is cheap etc..
So If it only took 1 worker to earn enough to support wife, two kids,mortgage,TV set,car,10% savings in the bank a year.
What exactly happened in the last 39 years?
Taxes were also higher as well in 1970.
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janvir19
Registered: Jun 2004
Posts: 46 |
02-25-09 04:45 PM
Basically, the world got a hell of a lot more competitive in the past 30 years. When Deng Xiaoping (spelling?) decided to open China up to the world, the fate of a large swath of the American middle class was sealed. You can pin the blame on the Fed too, for artificaly distorting the economy with perpetual inflation and not allow the demand for and supply of money to clear on its own.
But, unfortunately, America had a winder post WWII into the 1970s where it boomed b/c the rest of the world was rebuilding and buying our stuff (Europe) or just didn't exist (China, etc.).
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KINGOFSHORTS
Registered: Sep 2007
Posts: 3554 |
02-25-09 04:57 PM
Question is will the S&P go to 300. Since this bull market was caused by borrowing,all kinds of funky creating folks figuring out how to polish turds etc.
Something has to give.
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makloda
Registered: Mar 2006
Posts: 6651 |
02-25-09 05:07 PM
Quote from KINGOFSHORTS:What exactly happened in the last 39 years?
Workers today -- or should I say up until recently -- expected they have a God given right to live like the rich and famous on TV. And that expectation is based on their 30k annual salaries paired with debt. 9 out of 10 taxi drivers, bank clerks and hospital nurses think they can live in a 4500 sqft house, drive 3 cars, go on 4 vacations a year and send the kids to private schools.
"30k millionaires".
The standard of living of a working class family in the 70s is easily achievable by a working class family today:
A simple rented 800-1000 sqft apartment for a family of 3-4, one used 1995 Honda, no Gucci and Louis Vuitton for the wife, no nanny, no cleaning lady, no vacation, no private school.
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