100 year standard-of-living comparison from . As he summarizes:
"the median US worker today has a quality of life similar to the top 1% in 1924, and a minimum wage worker today has a quality of life similar to the middle-class in 1924"
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The key difference is housing. How soon until robotic manufacturing of homes starts to deflate housing prices?
Only 1.3 percent of workers in the United States are paid hourly rates at or below the official minimum wage. Maybe recalculate using unskilled worker rate of $17.17 an hour which is around 15 percent of workers. Show both in your table.
In 2016, 62 people had as much wealth as half the people on the planet combined
My new novel, Individutopia, takes this trend to the extreme; creating a dystopia in which such oligarchs own everything
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#MondayMorning
I’m surprised it is not a greater discrepancy…1924 was near the height of the Great Depression. I suspect these differences would be quite greater using 2018-2019 economic figures. Driving a conclusion of how median a US worker is better than the top of the worst economic
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Do we even need more evidence that capitalism continues to be the greatest economic system ever created?
Not only does it allow for future generations to have cheaper goods, it improves quality, and allows for savings as the competition of the market produces ever-improving
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This is so important for people to understand and appreciate. Innovation driven by Capitalism is critical for improving the quality of life for everyone.
1924 wasn't good for most people, so of course today is better than then.
For instance:
life expectancy? 58 for men & 61 for women.
The average home size? 1K square feet
Only half of Americans had electric
less then 25% had indoor plumbing
So yes of COURSE things are better.
"I see the rise of the gig economy and the push toward self-employment largely as a reflection of failure—a failure of many companies and of society as a whole to provide for workers.”
Read our full interview with historian Benjamin C. Waterhouse.
really interesting how only the cost of housing sticks out. Of course the median house is vastly superior even to the 1% houses of 1924, but still interesting.
"We are going to keep telling this lie even though no one believes it."
Prolonged periods of prosperity go hand in hand with inflation spiralling. Historically and especially in rich countries with well off citizens, inflation spiralling eventually leads to political destabilization revolutions and wars.
Does $7.25 relate since most full time
workers earn much more.
textbooksfree.org/Economics_28_W
Comparing median to median, housing $$ have either made no progress or have actively regressed. Bigger average houses/apts? Would be interested to see a per sq ft breakdown. Also would be interesting to know if 2020s housing is prettier or uglier than 1920s median.
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The only reason American coke doesn't use cane sugar today is bc of US tariffs/quotas.
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Donald J. Trump News
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BREAKING NEWS: Robert F. Kennedy Jr. allegedly intends to require Coca-Cola to begin using Cane Sugar instead of High-Fructose Syrup as HHS Secretary.
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Good take
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Jared Polis
@jaredpolis
While as a father I certainly understand President @JoeBiden’s natural desire to help his son by pardoning him, I am disappointed that he put his family ahead of the country. This is a bad precedent that could be abused by later Presidents and will sadly tarnish his reputation.
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Berk
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Hitting the accelerator on neoliberal capitalism will save the planet.
Democrats feeling burned by Biden remind me of a major lesson from my 23 years in DC politics:
Never, ever, get too attached to a politician. Don't get sucked into the mania. Even if you work for them, keep some detachment. Because all politicians will eventually let you down.