How it was 50 years ago - 1967 (tier, divorced, interest, tax)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
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.
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.
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.
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.
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.
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.
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.
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...
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.
For that reason, among others, trade deficits aren't really a big deal.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.