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Old 12-27-2017, 07:59 AM
 
Location: Proxima Centauri
3,755 posts, read 1,594,731 times
Reputation: 4147

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Quote:
Originally Posted by Ro2113 View Post
This is no secret how far the U.S. was ahead of everyone else. But it wasn't going to stay at that level forever.
Every issue of the Economist displays the current account. This is money that is used to buy foreign goods. It is currently 400 to 800 billion a year. This is money that is flowing out of the United States, money that no longer circulates in the United States.
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Old 12-27-2017, 08:07 AM
 
Location: Philadelphia/South Jersey area
2,284 posts, read 1,040,490 times
Reputation: 7563
lol,
Well I'm Black and my family is from South Carolina and Tennessee. I'll pass on calling this period "neat".
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Old 12-27-2017, 08:11 AM
 
Location: Fairfax County, VA
1,387 posts, read 602,240 times
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Quote:
Originally Posted by double6's View Post
I graduated high school in 66..blue collar jobs that you only needed a high school education and could support a family on were a dime a dozen..gone, gone, gone are those days..
The days when 6th grade drop-outs could make their way preceded them into gone-gone-gonedom. There is nothing new going on here.
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Old 12-27-2017, 08:15 AM
 
Location: Fairfax County, VA
1,387 posts, read 602,240 times
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Quote:
Originally Posted by Tonyafd View Post
Every issue of the Economist displays the current account. This is money that is used to buy foreign goods. It is currently 400 to 800 billion a year. This is money that is flowing out of the United States, money that no longer circulates in the United States.
The Current Account is only half the story. And by the way, like every domestic dollar, every dollar abroad represents a claim on the US economy. All dollars are demand waiting to express itself.
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Old 12-27-2017, 09:02 AM
 
5,174 posts, read 3,001,131 times
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It was the start of beneficial changes. As is so common with people making drastic life changes, they sometimes go too far in the opposite direction So we lost sight of common sense somewhere along the way and set a course for that pie-in-the-sky way out on our left.


Now if we could just re-adjust our compass a bit and aim closer to the middle ground, taking some of those good ideas along with us, we might have hope again.
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Old 12-27-2017, 09:41 AM
 
Location: Tennessee
20,974 posts, read 15,296,258 times
Reputation: 23765
My grandparents built their house in 1967. Grandfather is dead, but grandmother is still living there today.

One thing to remember is that a lot of the standards we have today were greatly reduced then. Their house is a 3BR/2BA ~1,400 sq. ft, including the basement garage and den. Tiny little place.

Houses have gotten much bigger over the years, and fundamentally nicer IMO.

That's just one economic data point I can think of where people will say "but it was so much better then," but that's not an apples-to-apples comparison.
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Old 12-27-2017, 09:57 AM
 
11,896 posts, read 14,368,392 times
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True, not everything was great. Back then, color TV was the height of technology. Movies were limited to what was playing in your neck of the woods. Getting the measles or mumps was a rite of passage for children. But kids were allowed, even expected, to play outside alone. Medical care was a super bargain by today's standards. However, Medicare was new. Much has been said of relatively good jobs available to HS grads. The Vietnam war was a wedge issue. Minimum wage was higher, and it was mostly teenagers who earned it.
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Old 12-27-2017, 10:05 AM
 
6,822 posts, read 4,415,191 times
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This being the Economics forum, and not something about politics or culture, I can't avoid mentioning, that 1966-1967 was the beginning of a gruesome and protracted bear-market in stocks - not to end until 1982. It was an awful time to invest, even if manufacturing jobs were plentiful, cars had powerful engines, and a single-income could support a family. So long as we're going to reminisce, I'd much rather go back another 20 years.
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Old 12-27-2017, 11:56 AM
 
Location: St. Louis
9,457 posts, read 16,416,956 times
Reputation: 13154
Quote:
Originally Posted by Serious Conversation View Post
My grandparents built their house in 1967. Grandfather is dead, but grandmother is still living there today.

One thing to remember is that a lot of the standards we have today were greatly reduced then. Their house is a 3BR/2BA ~1,400 sq. ft, including the basement garage and den. Tiny little place.

Houses have gotten much bigger over the years, and fundamentally nicer IMO.

That's just one economic data point I can think of where people will say "but it was so much better then," but that's not an apples-to-apples comparison.
Yes I have to wonder how many of the "Good ole days" types would actually like to go back and live in the conditions that were extant at that time. Smaller houses, no computer, no cellphones, 3 TV stations, no blow dryers () and yet your hair was expected to be perfect. I don't think that women or brown folks would have been too happy in that climate. But hey...childhood was great. LOL. Oh, and the music...
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Old 12-27-2017, 01:02 PM
 
Location: Kansas City, MISSOURI
5,525 posts, read 1,664,377 times
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Quote:
Originally Posted by Tonyafd View Post
Every issue of the Economist displays the current account. This is money that is used to buy foreign goods. It is currently 400 to 800 billion a year. This is money that is flowing out of the United States, money that no longer circulates in the United States.
That is not actually true, all the money that goes out of the US to purchase goods comes right back into the US in the form of investments of various kinds. Might want to read these:
https://www.forbes.com/sites/timwors.../#43cf943c9407
Trade Deficit Is Really A Capital Surplus: Newsroom: The Independent Institute

For that reason, among others, trade deficits aren't really a big deal.
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