I found this nifty chart showing household wealth by year and income group. Take a look.
For almost all households, real wealth levels are about the same as they were in the early 1980s. But here's the downside: the cost of living is far higher than it was in the 1980s. Home prices have grown much faster than inflation, and that's the biggest expense for households (and also, ironically, the biggest source of wealth for most non-wealthy households).
What does this mean? Households are actually poorer today than they were in the 1980s, possibly even further back if you include the real cost of living.
Why is it that I'm called a Communist for pointing this out? Clearly something is broken. Ignoring this won't fix it. So what's your solution?
Sent from my HTC phone. Instaurare omnia in Christo.