The table below is a great example of how much wealthier Americans are today compared to 50 years ago. Some of the economic malaise that’s gripping the nation today is due to the fact the press and left complained how bad things were for eight years. It reached a fever pitch during the election year. Now that a recession inevitably arrived we’re supposed to believe that our so called free market economy is to blame.
I say so called because the government is involved in almost every aspect of life. A free market economy wouldn’t subsidize corporations or farms. It certainly wouldn’t tax corporations at the highest rate in the industrialized world. What kind of free market economy wouldn’t allow competition in the airline industry? While American airline companies struggle to make ends meet the government in all its wisdom doesn’t allow competition for domestic flights. There’s a reason you can’t fly Emirates in the United States. It’s because the government doesn’t allow them to compete here. Imagine if Europe decided that they wouldn’t’ allow Coke or Microsoft to sell their products in that continent. Wouldn’t Americans be outraged?
Where’s the free market in the US dairy or sugar industries? There are regulations for almost every conceivable aspect of American life. The list goes on and on… city zoning, the Forest Service, IRS, and eminent domain. That doesn’t even scratch the surface. Since the New Deal the nation’s economy has grown despite the fact the government’s reach has grown ever longer. It’s incremental and it’s done by well intentioned people who think they have all the answers. The problems created by these stewards of ineptitude occur long after the bills are signed and the press releases are sent. Getting rid of these programs, bureaucracies, and entitlements are nearly impossible. The path to bankruptcy that they put us on is inevitable.
Despite that sad realization, the nation’s wealth has grown at rates never seen in the history of mankind. Economic growth isn’t automatically assured. Without liberty people aren’t free to pursue wealth. These entrepreneurs are the lifeblood of the American dream.
Hat Tip: Carpe Diem
does your little chart take into consideration quality or durability? it doesn’t matter how cheap something is if you have to buy another one in a few years. how long did people who bought these products in 1950 keep them as compared to those in 2009?