is the economy better now then in 1973?
Depends on the context in which the question is being asked.
I would hope the goal of every society is not to ask whether they are better off now than 30 years ago but to strive to be better off tomorrow than they were yesterday. The US is not better off today than it was last year, that's a fact.
The US will live on. Sh!t, I have lived in Africa, and people live on there and they are actually pretty happy - ignorant fools. LOL
But the following points must be considered:
Consumption and Income Burdens for most people are higher now (not upper echelon, of course) and entitlements are in trouble.
Current Account wasn't in a mess and government finances were ok even though there was a War.
Government spending continues to outpace inflation and real wage growth and has been largely financed by a "one-time" boom in capital gains.
Housing affordability is next to nil in most cities. University afforability is ridiculous. That wasn't the case in 1973.
Oil costs less, but we're WAY more dependent on foreign oil now then back then. So that doesn't seem very promising. Plus, it's a non-renewable resource for God's sake, when will the government get with the program?
Food costs more, but we're probably dependent on that the same amount. <g>.
Real Wages for most workers is less and the manufacturing economy have been decimated. Most US Workers aren't in High Finance like myself and don't get nice year-end bonuses (this year not withstanding).
Health Care costs being inflicted on corporate America, don't get me started.
----------------Many good points as well.
We're at Full Employment, which ultimately counts the most since people NEED jobs. Globalized Economy is the way to go for the long run health of the US and the World. US is more competitive now than in 1973.
Information Technology has certainly made us more efficient in many ways. I do all my banking on the internet and it saves both me and the bank a ton of money. I also paid my taxes on the internet. It was easy and quick, and time is money. :-)
I have a computer and can afford it. I remember my dad buying an Apple III in 1983 for the office for $10k. Now I can get a mothership of a computer for $2k.
So all in all, I would say that at this VERY moment in time we are better off than in 1973.
If you ask me whether we will be better off in 5 years than we are today, the answer is a resounding NO. We'll still live on, we'll still be buying Walkmans, computers, and cars - but just not as many.
So will we be better off than in 73. Yes, probably. But does that make a regression back to say 1995 a good thing?
You tell me. |
