[quote=harvey]These “purchasing power” statistics are mildly interesting but mostly academic. The middle class really had more purchasing power in 1973?
Let’s ask the commonsense question:
What are examples of things that ordinary folk were buying in 1973 that they cannot afford today?[/quote]
Most definitely. Back in 1973, a single-earner family of four, with the single earner working in construction/plumbing/electrical/auto mechanics could live in a safe, clean neighborhood in a SFH in LA. They could own two affordable cars, too. Today, even a two-income family in those same industries, or something similar, would not be able to live in that same house or neighborhood.
Watch Elizabeth Warren’s lecture about the collapse of the American middle class:
