IMHO the erosion of the standard of living, for the most part, is a myth. When I was a kid we had one TV with rabbit ears, one phone, two old cars that Dad often fixed, etc. etc. etc. They just spent less and saved more.
baloney. In america in the 1960s, my father was able to get a job out of college, have a wife who did not work, a new car, buy a home, and support 2 children - all on one income. and even workers who did not have college were able to do the same. know anyone who can do that today? today, we have college grads in their 30s still living with their parents.
DING DING DING!!! American's standard of living hasn't declined.. american's standard of spending has ballooned beyond their means... and while I am no fan of ever increasing tax rates.. they are the end of the day are not why most folks wind up owing everything to banks.
Every bigger homes, no one wanting to buy small starter homes..... need not only for 2 cars, but 2 brand new cars... having to have 6 TV's with at least one costing as much as a used car, $100+ a month digital cable, having to have the brand new camper/boat that sits in the driveway 51 weeks a year... etc etc .. buyign all this ON CREDIT and doing nothing to build wealth.
Financial immaturity had more to do with people getting in trouble than anything else! Credit is marketed harder than any other product in america today! 5 Billion offers for credit cards per year go out! We are a nation of only 300 Million people!.... That's nearly 17 offers per year for every man woman and child in the United States!!
Stop keeping up with the Jones'! The Jones' are BROKE! Live within your means today, and you will live a lifestyle like few others tommorrow!
MY dad & mom bought a new ranch home in '58 when he was just starting out. My Mom did not work. We lived very comfortably with 3 kids. They also had 2 cars.
I don't beleive your argument. We may have more today but it takes more debt and 2 incomes.
Credit was also tighter and for the less educated, jobs paid more.