Stossel has it right

John Stossel’s article today is fantastic, and required reading.  An excerpt:

Of course income is down lately, but it’s up sharply over the long run.  The chart actually understates the gains because it doesn’t count benefits from new technology. A Kindle may replace a hundred books, but such gains aren’t visible in the government’s data.

As economist Don Boudreaux points out: “the government’s data also underestimates the middle-class’s increasing prosperity, for it ignores the shrinking size of households. In 1967, the average household contained 3.14 persons; in 2006 it contained 2.57 persons. This fact means that the real income for each member of the average household grew.”

Read it. Think about all the advances in technology that improve the quality of your life, and how the cost of that technology has dropped in the last 10 years.

Advertisements

About Paul Stagg

Husband, lifter, MBA in Baltimore, MD. Will post about Powerlifting, politics, Classical Liberalism, Economics, building wealth, self improvement, productivity, heavy music, wine, food, beer, and almost anything else. View all posts by Paul Stagg

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: