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I posted a few weeks back about the long wage recession that extends back, basically, to the 1970s. There have been several ways that people have coped with what can either be seen as the higher cost of living or the recession in wages:

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I also remember posting something where the median income in the U.S. has risen at a faster rate over the last 20 years than the previous 20 years before it inflation adjusted. So I don't think it's accurate to paint this with a broad brush so to speak. I don't know but certainly a significant number of people are worse off than they were before. The question is for whom has it gotten worse and why. However, I will repeat again there are industries where there is demand for workers and wages are rising.

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1) Working longer hours: In 2000, 31% of workers age 16 and over worked more than 40 hours/week and 8% worked more than 60 hours. In 1979, the average number of weeks worked by married couple families with children was 3,331/year. In 2000, it was 3,719.

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Have to look at the numbers as to why. Not necessarily bad.

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2) Having two wage earners in the family: In 1950, 28% of the labor force was women; in 2000, that figure was 60%. In 1951, 22.9% of married couples had a wife in the paid labor force; in 1997, 61.7%

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Not sure this a bad thing. Many women want to pursue careers and women's lot in the labor force has improved alot since 1950 and in fact I think it's fair to say that many women would take offense to being put in a pidgeon hole of staying at home and raising the children.


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3) Going into debt: In 1947, household debt as a % of income was 20%. In 2002, it was 109%. In 1968, credit card debt was $10,000,000,000; in 2000, $600,000,000,000 (adjusted for inflation).

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On household debt, I owe $200,000 on my house but I could sell it for $400,000. My household income is $190,000 a year and I have little other savings of significance. Therefore my debt burden is over 100% of my income. However, I'm not saying this is the norm. Just pointing out that closer scrutiny of the data is needed. As far as credit card debt well credit cards are used a lot more now and so more stuff goes on them. Again we have to look at the ability to pay them off.

With all that said I made some posts this week about the price of a gallon of gasoline and how price increases hurt the less affluent (including those imposed for cleaner emmissions) a whole bunch more than other income groups. Ditto for energy costs in general. I don't think there's much doubt about that. I've reflected quite a bit about the energy situation in the U.S. and I see our energy problems contributing to a lot of other problems (no surprise there to many I'm sure).

Anecdotally I've read lots and lots of horror stories about excessive credit card debt. Yeah I think it's a lot harder for many to make ends meet now than in yesteryear. But also the U.S. economy has changed drastically from the 50's, 60's and 70's as to who businesses are looking to hire. I think also but not sure that our educational system has failed us in a lot of ways and that a big part of the problem is that people lack the training and education to obtain higher paying jobs. Also I think many hold the view that the U.S. consummer needs to cut back and save more but I think the point you're driving at is that this is impossible for a great many people. I think you're probably right.