Between 1946 & 1972, because of inflation, the dollar lost half of its buying power. However, during that same 26 year period, average income quadrupled, from 3 grand to 12 grand a year. The net result was that the Average American had twice the buying power in 1972 as they did in 1946. But now, 52 years later in 2024, the Average American has less buying power (~2/3rd's) than they did in 1972. While average individual income has increased to 60 grand, you would need to make 90 grand just to keep pace with inflation. The most telling result is that home ownership has declined from ~70% during the time period of 1946 to 1972, to ~60% during the time period of 1972 to 2024.
Between 1946 & 1972, because of inflation, the dollar lost half of its buying power. However, during that same 26 year period, average income quadrupled, from 3 grand to 12 grand a year. The net result was that the Average American had twice the buying power in 1972 as they did in 1946. But now, 52 years later in 2024, the Average American has less buying power (~2/3rd's) than they did in 1972. While average individual income has increased to 60 grand, you would need to make 90 grand just to keep pace with inflation. The most telling result is that home ownership has declined from ~70% during the time period of 1946 to 1972, to ~60% during the time period of 1972 to 2024.
