Thursday, January 31, 2013

Appreciating the Positive

This WSJ makes a very good point, despite all our current problems life today is pretty darn good.  Here are the final two paragraphs, but I think the whole piece is worth reading:

Even though the inflation-adjusted hourly wage hasn't changed much in 50 years, it is unlikely that an average American would trade his wages and benefits in 2013—along with access to the most affordable food, appliances, clothing and cars in history, plus today's cornucopia of modern electronic goods—for the same real wages but with much lower fringe benefits in the 1950s or 1970s, along with those era's higher prices, more limited selection, and inferior products.
Despite assertions by progressives who complain about stagnant wages, inequality and the (always) disappearing middle class, middle-class Americans have more buying power than ever before. They live longer lives and have much greater access to the services and consumer products bought by billionaires.

1 Comments:

Anonymous Steve D said...

‘First, the CPI overestimates inflation by underestimating the value of improvements in product quality and variety.’
This is s a very good point. And don’t forget, completely new products. How much would a cell phone have cost in 1960; nothing since they didn’t exist, yet.
The real question is more personal; are you better off or worse off than in 19XX?
Which, of all the years in history would you rather be alive? Do you know of a better one than 2013?

8:09 PM  

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