Spending on Food and Clothing At An All-Time Low
Using BEA data on annual expenditures for clothing and shoes (data), and annual disposable personal income (data), the chart above show spending on clothing as a percent of income from 1929 to 2007. From double-digit levels back in the 1930s and 1940s, average spending on clothing as percent of after-tax income was down to 3.68% in 2007.
The chart above shows spending on food and clothing as a percent of disposable personal income back to 1929, falling from more than 1/3 of personal income in the 1930s and 1940s to only 13.48% by 2007.
Bottom Line: The good old days are now, and it's nothing like the Great Depression. Nothing.
5 Comments:
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Clearly this is only possible by enslaving the poor workers in Guatemala and the like!!
We pay them pennies and live like kings!!
We are the worst people in the entire universe, I tell you!!!
DAMN YOU AMERIKKKA!!!
Damn you ALL to HELL!!!
Soylent Clothing is PEEEEPULLLLL!!!
:oP
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So what? During the Depression they could have said, look we have radios now, and cars. 100 years ago no one had these, so we're not in a depression!
The comparison to the Depression that is being made is the size and scope of the credit bubble that has formed and the implications of that credit bubble busting.
Austrian theory will help guide you on the implications; mostly notably for our currency.
Actually anonymous,
Professor Perry's numbers are relevant. He is not talking about some technological toys that we have now that they did not have 50 years ago. He is talking about how much we spend on essentials like food and clothing as percent of our income. And that is at an all time low.
Well my experience pretty much mirrors what Professor Mark posted here...
Food has NOT gone up by more than 6 to 10% locally here in the St. Louis, Mo area...
I wear a size 14 shoe and the t-shirts are considered 6X...
I pay less for them now than I did just five years ago...
Keep those little suckers on the Pacific Rim working... It works for me...:-)
Am I supposed to be ecstatic about this?
I'm spending 60 percent of my income to rent a ROOM in a house with NINE other people.
Why don't you tell us about the high cost of housing faced by low-income Americans?
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