What have incomes done in the same period?
What have incomes done in the same period?
Well, you need to compare "like" situation to see what has really happened. You cant compare a plain ole high school graduate of 1968 to a PhD graduate of 2004 with a degree in microbiology.
You also have to realize that most states in 1968 did not have a state income tax, the maximum anyone paid into social security in 1968 was only $200 not $7500, and car insurance and medical health insurance costs in 1968 were affordable by everyone with any job. for example:
Real incomes in 1968 were very good. An average high school graduate expected to get a good job paying more than enough for him to get married, have his wife stay at home, buy 2 cars and fill up the gas tanks, have 2 or 3 kids, buy a nice home, put the kids thru college, buy a summer home, and have enough after paying social security($200 max), income tax, property taxes, no state income tax, etc, to spend on hobbies, restaurants, and vacations.
Today, a high school graduate has almost no chance to find a job at age 18 that will earn enough to pay all his taxes, get a wife, and a good home. He also wont find any company to work for which will keep him employed after he reaches the age of 40.