It looks like it was 1975. The value of the dollar has declined signficantly since then.And what has happened to the American standard of living in those thirty years? Has it suffered? No.
No ? I kinda remember that in 1975 a blue collar worker on one paycheck could buy a house, have health insurance, go away on vacation, send a kid to college, and retire on a pension. I kinda remember that while adjusted for inflation the prices of cars have remained pretty constant, auto loans were three years then but are six years now.
I kinda remember that in 1975 a blue collar worker on one paycheck could buy a house, have health insurance, go away on vacation, send a kid to college, and retire on a pension. I kinda remember that while adjusted for inflation the prices of cars have remained pretty constant, auto loans were three years then but are six years now. There are a lot more variables at work in your example than the trade deficit. Tax levels are much higher now. Cars are built much better now and have more -- albeit federally mandated -- safety features than in the 70's. College costs are a topic unto themselves. With 80-90% radical/liberal administration and faculty at most colleges, one can surmise that there isn't sound economic policy going on.
Incomes, adjusted for inflation, have gradually increased since the 70's.
When you compare the "United States Wage per Job" line above...
...to the graph of our trade deficit, you can plainly see that the two are not correlated at all.
In my state, blue-collar workers are still quite capable of buying a home, car and college.