History repeats itself. Given our unsustainable national debt – nearing $17 trillion and climbing – America is dying. We bicker over entitlement spoils as we pile up trillion-dollar deficits. Government is our daddy. Enforced equality rather than liberty is the new mantra.
In 1970, the average annual income was $9,350 per year, the average home cost $23,400, a gallon of gas cost 36 cents and the average car cost $3,900.
In 2012 the average median income is $50,964, the average home costs $146,000, gas averages $3.43 a gallon and the average car now costs $30,303.
Incomes went up 545 percent but the average home went up 623 percent. Gasoline went up 953 percent, and the average car went up 777 percent. Median income peaked in 1999 at $54,932.
Inflation outpaces income, by a huge margin. It’s why it seems like you work harder and harder and have less. It’s also why it seems like previous generations made less and had more. It’s true. Why? Inflation wasn’t as great then as it is now. And it’s going to get even worse.
Our government’s redistribution of shrinking wealth at the expense of the private sector is more destructive than even it’s most deadly enemy.