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It seems evident that in the future the economy will work for fewer and fewer people as we end up with a smaller percent of the workforce earning billions of dollars a year and the vast majority of the workforce even those with college degrees and experience don't even earn enough to meet their basic survival needs without a government supplement.
In the end it seems that capitalism and communism have the same end result. A few people getting all the resources and the vast majority barely surviving on what is left.
I get your point, and both of us are smart enough to know what we have is crony capitalism, not the real deal.
All those banks and GM should have went down in true capitalism, but hey if you contribute to the right slush fund you are golden.
And if you work at Golden Slacks, sorry Goldman Sachs you are Teflon Don.
Never, that was a unique time in America. We were the only standing Superpower after WWII with such extensive mfg still intact.
This is it. Japan and Germany were in ruins. China was a non factor, as was Korea. We had the world market to ourselves. After 20 years of hard times followed by war, there was a ton of pent up demand, which really made the economy hum. Keep in mind that people may feel short of money today because there are so many more things out there to buy. Back in the 1850's, the average middle class family could afford to hire live in domestic help. Why, because there was so little else for them to spend their money on. By the 1950's, there were cars, tv, radios, and your main household appliances (washer, dryer, range, refrigerator, etc.). However, today there are just so many "must have" items that didn't exist 50 years ago. This is where a lot of our money goes, and why it seems as though we're under so much financial pressure. The average family today will spend loads money on many things today that weren't around in the 50's.
Microwaves
Computers, along with internet service.
Cell phones, including the monthly bills.
Cable, dish, or fios.
Trips to places like Disney World.
Ipods
Various other electronics such as tablets, and video games.
This is all "must have" stuff, and if you don't have it, you will feel as though you are impoverished.
Folks in the 50's didn't have to spend money on this stuff, thus they needed less money in real terms, to have an average lifestyle.
Keep in mind also, that medicine was still fairly primitive in the 50's, and minus all of the expensive equipment that has been created since then, medical treatment was much less expensive back then.
This is it. Japan and Germany were in ruins. China was a non factor, as was Korea. We had the world market to ourselves. After 20 years of hard times followed by war, there was a ton of pent up demand, which really made the economy hum. Keep in mind that people may feel short of money today because there are so many more things out there to buy. Back in the 1850's, the average middle class family could afford to hire live in domestic help. Why, because there was so little else for them to spend their money on. By the 1950's, there were cars, tv, radios, and your main household appliances (washer, dryer, range, refrigerator, etc.). However, today there are just so many "must have" items that didn't exist 50 years ago. This is where a lot of our money goes, and why it seems as though we're under so much financial pressure. The average family today will spend loads money on many things today that weren't around in the 50's.
Microwaves
Computers, along with internet service.
Cell phones, including the monthly bills.
Cable, dish, or fios.
Trips to places like Disney World.
Ipods
Various other electronics such as tablets, and video games.
This is all "must have" stuff, and if you don't have it, you will feel as though you are impoverished.
Folks in the 50's didn't have to spend money on this stuff, thus they needed less money in real terms, to have an average lifestyle.
Keep in mind also, that medicine was still fairly primitive in the 50's, and minus all of the expensive equipment that has been created since then, medical treatment was much less expensive back then.
People forget just how dominant the US economy was even before WWII. The US had one of the highest per capita GDPs in the world during the 1930s and during WWII, it lost none of its manufacturing or economic base and its skilled and unskilled labor force was left intact. The US also had the largest GDP in the world since 1900. It was also the largest oil producer in the world. The rest of the world wasn't very lucky and had to deal with the effects of colonialism or the devastation of WWII. The US after WWII also dismantled many industries in the Axis powers (Japan and Germany's aerospace industries still have not recovered) or took intellectual property away from the Axis powers as in the case of IG Farben.
The world right now is completely different. Asia is rapidly industrializing and even Africa is growing rapidly. China is the second largest economy in the world while after WWII it was not even in the top 20. The Soviet Union is gone but Eastern Europe has grown rapidly and largely industrialized while after WWII, they were predominantly rural. Manufacturing is also long gone as a driver of economic growth and has been replaced by services. Corporations are also largely multinational and employ people all over the world rather than in their home countries.
Let's not forget the role of demographics. In the 1950's those entering the workforce were the "silent" generation, much smaller than the previous or following. Thus they had leverage, and we're treated well by employers. They saved heavily (after all they grew up in the Great Depression) and benefitted from WWII without having to fight it. As it has been pointed out, that generation didn't get any of theirs elected President (Ross Perot got closest), but they are by far the luckiest generation in US history.
Are you for real? Surely you just read this in a book and saw the TV show and didn't actually live through the 50's. In 1950 less than 10% of the population had Bachelor's degrees, and less than half had even graduated from high school. If a black/Jewish/Asian/any non-white person moved into a white neighborhood, the whole neighborhood would condemn whoever it was. There would be rocks, bullying, shunning, probably some vandalism and minor assault. Women belonged to the workforce, but were limited to jobs such as secretary, and were often fired when they got married, almost certainly if they got pregnant. Sexual harassment was almost acceptable, and in 1950 women made about half of what men made for the same job. In fact, discrimination was completely legal, with many job ads specifying that only men could apply. If people in the 50s dreamed of a better tomorrow, it was because their present sucked.
The question was whether the economy and job market will ever be as strong, not whether we should implement 1950s-era social policy.
And just to stir your pot a bit, the economy was strong enough at that time that men (we will call it one person or one spouse) made enough money to support an entire family on their income alone, which would be quite a challenge today.
People forget just how dominant the US economy was even before WWII. The US had one of the highest per capita GDPs in the world during the 1930s and during WWII, it lost none of its manufacturing or economic base and its skilled and unskilled labor force was left intact. The US also had the largest GDP in the world since 1900. It was also the largest oil producer in the world. The rest of the world wasn't very lucky and had to deal with the effects of colonialism or the devastation of WWII. The US after WWII also dismantled many industries in the Axis powers (Japan and Germany's aerospace industries still have not recovered) or took intellectual property away from the Axis powers as in the case of IG Farben.
The world right now is completely different. Asia is rapidly industrializing and even Africa is growing rapidly. China is the second largest economy in the world while after WWII it was not even in the top 20. The Soviet Union is gone but Eastern Europe has grown rapidly and largely industrialized while after WWII, they were predominantly rural. Manufacturing is also long gone as a driver of economic growth and has been replaced by services. Corporations are also largely multinational and employ people all over the world rather than in their home countries.
The amazing part about that whole story is that the US willingly gave that dominance away. However unfair it would have been, the country could have easily left the walls up and recirculated that wealth continuously within the confines of the country.
mdovell admits:
"Try as I must but frankly Obama doesn't set the budget, congress does. The vast majority of the power in the country is invested in congress for a reason. You can vote it out."
No we can't. We have not had a budget for six years. They just pass "continuing resolutions" to continue the Bush budgets.
Are you for real? Surely you just read this in a book and saw the TV show and didn't actually live through the 50's. In 1950 less than 10% of the population had Bachelor's degrees, and less than half had even graduated from high school. If a black/Jewish/Asian/any non-white person moved into a white neighborhood, the whole neighborhood would condemn whoever it was. There would be rocks, bullying, shunning, probably some vandalism and minor assault. Women belonged to the workforce, but were limited to jobs such as secretary, and were often fired when they got married, almost certainly if they got pregnant. Sexual harassment was almost acceptable, and in 1950 women made about half of what men made for the same job. In fact, discrimination was completely legal, with many job ads specifying that only men could apply. If people in the 50s dreamed of a better tomorrow, it was because their present sucked.
MrBR highlighted what was good about those times. You've highlighted some of the problems. In my mostly Italian neighborhood the Jews kept to themselves, the Blacks lived somewhere else, and the Irish or Germans called us guineas. The name calling was by the old men who remember when they were at the top of the heap.
Let's remember what the topic is. To answer that question yes, India and China will have to duke it out and it will have to be a bad one. Let's also remember that Germany is back big time.
Back then you'd be recruited right out of high school into a factory job. There you would receive training and stay for 30-40 years. At the end you'd be given a pension and a golden watch thanking you for your hard work and service.
If you went to college you'd be guaranteed a middle class job or a management job with little to no experience.
If you got a MBA you'd basically be qualified for a middle management/senior management job and the world would be your oyster.
Labor unions existed and job security was universal.
People back then dreamed of a better tomorrow. Sure history books say everyone constantly freaked out about nuclear war but lets be frank in saying that was mostly BS. It was slightly worrisome but nowhere near obsessive. The opportunities were endless and no job was a dead end.
The chrome studded cars, diners, and drive in theaters that no longer exist serviced people after a rough day on the job. People there would know your name and care enough to listen to you talk about your day.
Your neighbors weren't lawsuits waiting to happen and genuinely cared. If someone messed with your house the whole neighborhood would condemn whoever did it.
Nope, because all the factories you have envisioned aren't here. They are back in the 50's-80's. So, you and your kids got to experience them but they are no more. A few yes, but they don't give out gold watches anymore. They usually terminate after two or three years and there is no such thing as an attainable pension plan
The good old days weren't always good. Median income is actually higher today. And more of the jobs then were industrial, more dangerous. Also more pollution.
^ The income for working class is LOWER today when adjusted for inflation and CEO salaries skewing the numbers.
Impossible to have a job market like in the pre-NAFTA days. Will never happen again.
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