• Dr. Dabbles@lemmy.world
    link
    fedilink
    arrow-up
    5
    ·
    10 months ago

    Certainly the effectiveness of a dollar has decreased, which is why this post is interesting. It includes several elements of normal life to contrast against that average income per person.

    • Dagwood222@lemm.ee
      link
      fedilink
      arrow-up
      6
      ·
      10 months ago

      Quick history of how Conservative policies destroyed the middle class. Lyndon Johnson thought he could deliver a knockout blow to the Viet Cong with a massive build up. Instead he got caught in a quagmire. LBJ was afraid to raise taxes, so he printed tons of paper money to pay for the huge bombing campaign the Pentagon promised would wipe out the VC. Nixon ran as a pro-peace and anti-inflation candidate. He doubled down on LBJ’s bombings.

      Meanwhile, the old US factories were working 24/7 to supply the steel the war needed plus make enough to keep American businesses supplied. Germany and Japan couldn’t buy US steel and started building their own plants. When the Arab Oil boycott hit the US was screwed twice over. We had to keep making bombs and suddenly Toyotas and VWs were a great deal. That’s how we got the Rust Belt and the death of Detroit.

      The War ends, inflation is still awful, and Jimmy Carter gets caught up in the Iran hostage mess. Reagan gets in and the party goes into high gear. In 1980, middle class still meant one income to pay for a family of four, even if a lot of housewives had been forced to go to work. In 1980, $1 million was still considered a great fortune. By 1992, the two job family is the norm, but thanks to Reagan’s tax cuts for the wealthy $1 million is what a rich guy pays for a party.