Monday, December 16, 2019

Wealth, income and living standards—not the same

"The humblest working-class American today enjoys a standard of living and an array of amenities and comforts — from air travel to contact lenses to overnight package delivery — far superior to most of what even a billionaire like John D. Rockefeller could have commanded a century ago." Don Boudreaux, George Mason University, via Jeff Jacoby.

Ask anyone my age about this. After WWII my parents moved from their comfortable 2 bedroom 1 bath home in Mt. Morris to Forreston for dad's job with Standard Oil.  It was a farmhouse on the west end of town, 4 bedrooms, no bathroom (had an outhouse), and a hand pump for cold water in the kitchen. I'm sure my mother was horrified with 4 children, but it was 1946 and a lot of people were in the same situation. She rolled up her sleeves and learned carpentry and plumbing and we soon had a functioning bathroom and kitchen. A year later we moved to a nicer home with 1.5 baths, beautiful wood work, and a nice office for my father.  The economy was booming, and we were moving on up.

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