Overwhelming Evidence II: Good Old Days Are Now
On a previous post, I presented historical data to show that we live longer, start to work later in life and work much less annually, spend 30% less time working around the home vs. 100 years ago, retire earlier, have an increasing number of years in retirement, experience 3X as much waking leisure now compared to our ancestors in the 1800s, etc.
In this post, I present more data from economist W. Michael Cox (Federal Reserve Bank of Dallas), showing the significant improvements in living standards that took place during a single 20-year period, from 1970 to 1990 (see chart above, click to enlarge). Certainly, many improvements have taken place since 1990, and a comparison of 2000 to 1970 would be even more remarkable (see post below on microprocessor speed). But I think the evidence is clear and overwhelming: Americans today are better off than at any other time in history, and living standards for the average person just keep getting better, and better and better.