Individual prosperity is measured by how much material things one individual can acquire and upkeep vs one's individual net earnings. I exclude prosperity by independent wealth because most of us are not in the wills of rich uncles nor super-lotto winners. It's true many Americans acquire/have acquired/will acquire money and property through family inheritance but many also don't. We just can't always wait for people to die and be handed something. The majority of American adults have to work to achieve some level of prosperity. The lower the percentage for the cost/price of things vs our take-home pay PLUS any employment benefits, the greater our buying power.
Let's consider now vs 25 years ago vs 50 years ago. 2021 vs 1996 vs 1971
Let's also consider for each time in history:
1. average annual NET income for one individual W-2 American employee who works for a living based on a 40-hour work week
2. average price for new-construction fenced 3-br suburban subdivision home with 2-car garage and complete landscaping
3. average price for new automobile (excludes exclusive brands like Ferrari, Mercedes-Benz, Maserati, Jaguar and Roll-Royce)
4. average annual food/grocery bill (store-bought groceries, eating-out bills)
5. average annual clothing bill (includes shoes, hats, gloves, etc.)
6. average annual out-of-pocket dental costs
7. average annual out-of-pocket healthcare costs
8. average annual cost to keep large pet dog (feed, treats, paid training, vet bills, leashes, toys, grooming, pest control)*
9. average annual out-of-pocket utility bill costs (TV, telephone, Internet, power, gas, trash, water, sewer)
10. average annual automobile upkeep costs (gas, out-of-pocket repairs, out-of-pocket car rental for repairs, towing, roadside emergency services, DMV fees, insurance, auto detailing)
11. average annual property insurance costs
12. average annual costs of entertainment: TV, radio, books, newspapers, magazines, recorded music, Internet, going to movies, home video, shows in performing arts, theater, opera, zoos, museums, amusement parks, watching, spectator sports, carnivals, circuses, concerts, romantic dating costs, hosting parties, having guests for company, etc.
13. average annual property taxes
14. average annual home upkeep costs (repairs, yard care, cleaning costs)
15. average annual clothing/linens upkeep costs (paid laundry services, dry cleaning, laundry supplies)
16. average price of a complete set furniture, both indoor and outdoor, and appliances for a 3-br home
17. average price for complete set of home maintenance tools and equipment: includes, lawn mower, wheelbarrow, dolly, common hand tools, garden tools, sheds, common power tools, weed-eater, garden sprayer, lawn spreader
18. average annual costs of recreation: includes camping, hobbies, fishing, photography, hunting, bicycling, playing and learning music non-professionally, fitness, boating, playing leisure sports, vacationing, etc.
19. average annual cost of personal security: includes guns, ammunition, security dog training, alarms, paid security services, safes, deadbolts, locks and chains
*I've included one pet dog because that's always been a common household fixture in America.
It's true the price/cost of virtually everything has gone up over the years but has our take-home pay kept pace with rising costs of things in general?
In general, are/were working American individuals on national average more prosperous now, in 1996 or in 1971?
American = legal citizen of the United States
Let's consider now vs 25 years ago vs 50 years ago. 2021 vs 1996 vs 1971
Let's also consider for each time in history:
1. average annual NET income for one individual W-2 American employee who works for a living based on a 40-hour work week
2. average price for new-construction fenced 3-br suburban subdivision home with 2-car garage and complete landscaping
3. average price for new automobile (excludes exclusive brands like Ferrari, Mercedes-Benz, Maserati, Jaguar and Roll-Royce)
4. average annual food/grocery bill (store-bought groceries, eating-out bills)
5. average annual clothing bill (includes shoes, hats, gloves, etc.)
6. average annual out-of-pocket dental costs
7. average annual out-of-pocket healthcare costs
8. average annual cost to keep large pet dog (feed, treats, paid training, vet bills, leashes, toys, grooming, pest control)*
9. average annual out-of-pocket utility bill costs (TV, telephone, Internet, power, gas, trash, water, sewer)
10. average annual automobile upkeep costs (gas, out-of-pocket repairs, out-of-pocket car rental for repairs, towing, roadside emergency services, DMV fees, insurance, auto detailing)
11. average annual property insurance costs
12. average annual costs of entertainment: TV, radio, books, newspapers, magazines, recorded music, Internet, going to movies, home video, shows in performing arts, theater, opera, zoos, museums, amusement parks, watching, spectator sports, carnivals, circuses, concerts, romantic dating costs, hosting parties, having guests for company, etc.
13. average annual property taxes
14. average annual home upkeep costs (repairs, yard care, cleaning costs)
15. average annual clothing/linens upkeep costs (paid laundry services, dry cleaning, laundry supplies)
16. average price of a complete set furniture, both indoor and outdoor, and appliances for a 3-br home
17. average price for complete set of home maintenance tools and equipment: includes, lawn mower, wheelbarrow, dolly, common hand tools, garden tools, sheds, common power tools, weed-eater, garden sprayer, lawn spreader
18. average annual costs of recreation: includes camping, hobbies, fishing, photography, hunting, bicycling, playing and learning music non-professionally, fitness, boating, playing leisure sports, vacationing, etc.
19. average annual cost of personal security: includes guns, ammunition, security dog training, alarms, paid security services, safes, deadbolts, locks and chains
*I've included one pet dog because that's always been a common household fixture in America.
It's true the price/cost of virtually everything has gone up over the years but has our take-home pay kept pace with rising costs of things in general?
In general, are/were working American individuals on national average more prosperous now, in 1996 or in 1971?
American = legal citizen of the United States
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