Missing the good old days

Take a look at the charts in this piece from Quartz. Consider:

us-inflation-adjusted-median-household-income-us-median-household-income_chartbuilder

Matt Phillips, author of the linked article, concludes:

In a consumption-dominated economy like the US, consumers need to spend. And if consumers don’t have the wages to spend, the only way to keep the consumption engine going is by extending debt to people with extremely shaky finances. That’s a recipe for a future full of financial crises.

 

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