A favorite “progressive” trope is that America’s middle class has stagnated economically since the 1970s. One version of this claim, made by Robert Reich, President Clinton’s labor secretary, is typical: “After three decades of flat wages during which almost all the gains of growth have gone to the very top,” he wrote in 2010, “the middle class no longer has the buying power to keep the economy going.”
This trope is spectacularly wrong.
They point out that 60 years ago, the average middle-class home spent over 50% of its disposable income on food, utilities, rent/mortgage, etc. Today, that figure is closer to 30%. To prove the point that we don’t have a stagnant middle class stuck in some sort of economic time warp, Boudreaux has started a fun series, using commercials from the ’50s, ’60s, and ’70s to remind us where we were and where our memories may be leading us astray. Like many of us, Boudreaux learned to type on an electric typewriter. It was state-of-art, the best of the best. Do you want to swap your iPad for it?
You can check out the second of this series here.