The report should be completed by the end of the week.
The report should be finished by the end of the week. the Economic Policy Institute the median household income in the United States rose from just over $30,000 in 1950 to over $50,000 in the late 1970s and the share of Americans living in poverty was cut in half
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Now, let’s look at the history of the American middle class. In the mid-19th century, the emergence of the white-collar worker began to shape the middle class, but it wasn’t until the 1920s that it began to take form. Following the trauma of the Great Depression, FDR’s New Deal provided financial security to all, and the economic boom after World War II solidified it. The median household income rose from $30,000 in 1950 to $50,000 in the late 1970s, and the share of Americans living in poverty was cut in half. wage growth for the vast majority but policy choices at the federal state and local levels have instead channeled income and wealth to those at the top
Wolfgang Streak writes that as products become more tailored to the specific preferences of consumers, they are more willing to pay and work hard to purchase them. Marcus similarly argued that the more we associate ourselves with what we buy, the more we are willing to work to acquire them. This is what he called “voluntary servitude,” where people are not being actively forced to work, but instead are convinced that they should give up their free time to work in order to buy the things they desire.
In the United States, consumption plays a large role in understanding social and economic status. This did not happen overnight, however, as it took a lot of work to create a fast-paced consumer economy. As journalist Vance Packard observed, manufacturers began to intentionally design inferior items which became known as planned obsolescence. This was especially popular in the 1950s, when design fads emerged in products that had once been timeless.
Credit cards allowed people to spend more than they earned, and this was one of the factors that led to the erosion of the strong middle class of the post-war years. Furthermore, wage stagnation has been an issue for a long time, as paychecks have not kept up with increasing worker productivity or inflation. This is due to policy choices made by those in power, which have channeled income and wealth to the top. As a result, it can feel like an uphill battle for many young people to gain wealth.