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The median household income in 1950 was $3,800/year.

That translates to $33,166 in 2004, a touch more in 2006.

A Philco television set cost $199, or roughly 5% of a year's income. I can get a 32" digital TV today for $299, or less than 1% of those $33,166.

With the possible exception of housing (and th average size of the homes in tyhe US has increased since the 1950's), our wages buy much more today than they did then.

As far as understanding how SS works, I quoted government sources.

All well and good, but that doesn't change the fact that the median wage is declining while the mean wage is increasing. There is a growing wealth disparity, which can be partially explained by the impact of cheap labor [illegals], which depresses wages at the lower end of the economic ladder. Wages may buy more today, but you still have to have money to purchase them. Many Americans have saved little for their retirement and are in debt. Nearly 80% of Americans pay more in Social Security taxes than they do in federal income tax.

As far as understanding how SS works, I quoted government sources.

So have I. 2006 Trustees Report – Long-Term Financing Challenges Remain

Trustees Report Shows Prescription Drug Liability Dwarfs Social Security's