Wednesday, May 17, 2017

America peaked around the 1950s

The American middle class used to be envy of the world. It was a byproduct of economic freedom. We had a very dynamic free market economy and limited government. People were out there pursuing their own self-interest and creating employment opportunities. We had a very upwardly mobile economy and that peaked around the 1950's when the typical middle class American family consisted of a father with a job and stay-at-home mom who took care of the kids.

Generally, middle-class American families had help at home. They didn’t necessarily have two cars. But they owned the one they did have. They didn’t have credit-card debt. They had ample savings. This was true even if the husband didn’t graduate from high school. Even if he had a blue-collar job, he could support his wife and family. And they paid off their mortgage.