How the Middle Class is Financially Different Now Than in the 70s – msn
“1970s: According to the Census Government report, ‘The median money income of all families in 1970 was about $9,870’, which when adjusted for inflation is around $76,000. The post-World War II economic boom had led to a period of relative prosperity. Wages were generally in sync with productivity growth, which meant that as the economy grew, so did the incomes of the middle class.
“Today: The Census Government report also noted, the average United States income is around $72,000 in 2022–despite increases in worker productivity, real wage growth has stagnated for the middle class. This disparity is partly due to global competition, automation, and a decline in union power.”
Housing costs have risen significantly. Technology costs have jumped. “Middle-class families now allocate a substantial portion of their income to internet services, smartphones, streaming services, and other tech-related expenses.”
Conspicuous consumption – wiki
“In sociology and in economics, the term conspicuous consumption describes and explains the consumer practice of buying and using goods of a higher quality, price, or in greater quantity than practical.[1] In 1899, the sociologist Thorstein Veblen coined the term conspicuous consumption to explain the spending of money on and the acquiring of luxury commodities (goods and services) specifically as a public display of economic power—the income and the accumulated wealth—of the buyer. To the conspicuous consumer, the public display of discretionary income is an economic means of either attaining or of maintaining a given social status.”
Latino households are growing their wealth. Here’s how. – msn