Quote from TraderZones:
This also has no meaning. People make a certain amount of money and things cost a certain amount of money. Wages and costs both go up.
The average family in 2006 made almost 3 times the income as people in 2006 (in 2006 dollars). Inflation and time value of money is already factored in.
Basically, people have gotten wealthier on average every year. Some, but not all families are 2-income, but regardless, the average American is much better off now than a long time ago.
And do we want to go back to the 1800s? When most Americans were relatively destitute? No stocks or investments or retirement. Few possessions. Basically working hard and dying young?
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ALL FAMILIES - MEAN FAMILY INCOME
YEAR, $$$WAGE, IN 2006 $$$
1947 3,546 27,414
1948 3,671 26,256
1949 3,569 25,838
1950 3,815 27,286
1951 4,194 27,782
1952 4,457 28,941
1953 4,706 30,358
1954 4,684 29,955
1955 4,962 31,871
1956 5,341 33,792
1957 5,443 33,368
1958 5,565 33,155
1959 5,976 35,390
1960 6,227 36,224
1961 6,471 37,277
1962 6,670 38,054
1963 6,998 39,394
1964 7,336 40,754
1965 7,704 42,088
1966 8,395 44,628
1967 8,801 45,400
1968 9,670 47,961
1969 10,577 50,270
1970 11,106 50,360
1971 11,583 50,289
1972 12,625 53,176
1973 13,622 53,996
1974 14,711 53,056
1975 15,546 51,779
1976 16,870 53,141
1977 18,264 54,080
1978 20,091 56,982
1979 22,316 57,760
1980 23,974 55,851
1981 25,838 54,961
1982 27,391 54,949
1983 28,638 55,099
1984 31,052 57,394
1985 32,944 58,870
1986 34,924 61,298
1987 36,884 62,622
1988 38,608 63,229
1989 41,506 65,164
1990 42,652 63,784
1991 43,237 62,421
1992 44,221 62,263
1993 47,221 64,882
1994 49,340 66,377
1995 51,353 67,461
1996 53,676 68,684
1997 56,902 71,272
1998 59,589 73,610
1999 62,567 75,709
2000 65,773 77,008
2001 66,863 76,147
2002 66,970 75,056
2003 68,563 75,163
2004 70,389 75,134
2005 73,304 75,707
2006 $77,315 $77,315
from: InflationData.com