All Western countries “target” three percent inflation for a “healthy economy.” But they don’t count food, fuel, insurance, medical expenses, etc. So real inflation is over ten percent. That means if you save money, you’ll need cumulative fifty percent increase for that money to retain the same purchasing value over ten years. Where can you get a guaranteed ten percent interest per year? What this means is working people can’t afford children.
I was born in a working-class family in 1954. My father, the sole bread winner, owned our house, bought two cars and put all three children through college. What blue collar man can do that today?
Members of the Longshoremen’s Union.
Men in the skilled building trades in many cases are doing well. A young man starting a career in the merchant marine can be making $100,000 a year after about six years (and that is for 6 months work and room and board paid for by the company which is tax free).