A typical American male who works full time is earning almost exactly the same as his counterpart was when Nixon was president
Which just means that income is an inadequate measurement. How many Americans would prefer to live in 1975 than today?
Which just means that income is an inadequate measurement. How many Americans would prefer to live in 1975 than today?
It is my understanding, citation needed perhaps, that over all cost of living was lower in 75. So perhaps there were no iphones, ssd hard drives, big screen plasma televisions, xboxs, etc. but on a single income (not one of our 100k plus incomes but a regular joe income) you could likely afford a home, a nice car, etc.To give an example that affects most people in small ways: in 1975 I would be wearing heavy, uncomfortable glasses all day, and would fully expect to wear dentures after a certain age. Instead, my vision has been corrected to be perfect and I will almost certainly chew my last meal with my own teeth. My Dad had cataract surgery a couple of years ago: the new lenses are so great that he no longer even needs reading glasses. They had cataract surgery in 1975, but not with the kind of results my Dad experienced.
To give an example that affects a smaller number of people in a bigger way: since 1975, survival rates for many types of cancer have increased dramatically. Similar effects for heart disease.
I'm not trying to say that all of the increases in cost of health care are due to increased availability of treatment options, but it's almost certainly a big driver. Would you accept a health care plan that charges 1970s rates (in real dollars) but restricts you to 1970s medicine? If you are young and healthy, it might actually be a good deal, except for the dental plan.