Great News America!
Let’s begin 2015 with some encouraging news. We’ve all heard about the slow economic recovery, the disappearing middle class, and stagnate incomes—but compared to fifty years ago, we have it incredibly good.
Back when I was a youngster thumbing through the annual Sears Christmas Catalog, the most desired offerings were real budget busters. For instance, the Sears Silvertone entertainment center sold for $750.00. If we use the Bureau of Labor Statistics (BLS) inflation calculator, that would be $5700.00 in 2014 dollars.
American shoppers in the mid-sixties who bought this state-of-the-art entertainment center could never compete with today’s buyers. Using those BLS inflation adjusted dollars, look what we can get for $5700.00:
How about an iPad for $500.00?
Or an iPhone 6 with 128 GB for about $500.00?
TV? How about a 60” LED High Definition television for $800.00?
Need some updated appliances in the kitchen? You can have a French door refrigerator with ice-maker and all the bells & whistles for $1800.00. A self-cleaning electric range with a convection oven can be yours for under $900.00.
Need a camera? There’s the Canon Rebel that can make an amateur photographer look like a pro. With company rebates it’s only $550.00.
The economic progress that has happened over my lifetime is staggering. Innovations have revolutionized how we live. That same power of innovation can help us meet our nation’s challenges.
As former New York Governor George Pataki believes, American optimism is our strength and our “diversity breeds creativity and initiative that no other country has.” He’s right.
Just as our Americans ancestors worked hard to get us where we are today, we can do the same for the Americans following us. And in another fifty years we can't even imagine what the apps will do.
Thanks to the American Enterprise Institute for their research.