January 3, 2007
NO ONE EVER WORKS HARDER THAN THEIR FATHER DID:
Middle-class woes? A letter to Lou Dobbs.: America's trade deficit is evidence of its economic vigor and promise, not a cause for concern (Donald J. Boudreaux, 1/04/06, CS Monitor)
First, some basic facts about the state of middle-class Americans. The US unemployment rate now is at a healthy 4.5 percent. This rate is lower than the average annual unemployment rate for the 1970s (6.2 percent), the 1980s (7.3 percent), and even the high-growth 1990s (5.6 percent). Inflation, meanwhile, is running below the average for the 70s, 80s, and 90s.Posted by Orrin Judd at January 3, 2007 11:59 PMHere's more good news for ordinary Americans. The percentage of Americans who own their own homes is higher than ever, even though the size of today's typical home is larger than ever. Workers' leisure time, too, is at historically high levels. And jobs are just as secure today as they were in the late 1960s, according to a research paper by University of California-Davis economist Ann Huff Stevens. [...]
Today, the percentage of household expenditures used to buy nonessential items is at an all-time high - about 50 percent compared with about 45 percent in the mid-1970s. That undercuts your notion that two incomes are needed just to scrape by. Not only is America's middle class not disappearing - it's thriving.
1) Unemployment is negative, as demonstrated by the demand for immigrant labor.
2) Absolute poverty is non-existent. We have just read that the major health problem of the "poor" is--obesity.
Posted by: Lou Gots at January 4, 2007 8:47 AM
