US
Average Household Income from 1920 to 2020 tracks decades of US Inflation since
1913 when the US began to adopt a “managed economy” and abandoned its “free
market economy”. The value of the US dollar has dropped to 13 cents. The cost of a loaf of bread was 5 cents in
1913.
The
“Great Depression” interrupted US household income growth in 1930 and it
recovered in 1950. In 1979, the cost of everything tripled to pay for US
federal government overspending.
US
Average Household Income 1920 to 2019.
2019 $64,430
2010 $55,520
2000 $59,938
1990 $54,621
1980 $30,056
1970 $9,870
1960 $5,600
1950 $3,300
1940 $956
1930 $1,368
1920 $3.269
The 1920s
marked the year that the inventions that were developed during the Industrial
Revolution from 1820 to 1920 were put to use by the general population.
In the
1920s, the US began chlorinating drinking water, invented penicillin and built
sanitary sewers to prevent disease. US consumers were adding modern plumbing,
converting to electricity, adding telephones, electric appliances, buying cars
and riding in airplanes.
Communists
were infiltrating government and education. Taxes were high and the US was
growing its federal government beyond its “enumerated powers”.
In 1920,
the US inflation rate was 16.61%. Interest rates were 7%. Unemployment was
5.2%. US average household income $3269.40
In the
1930s, drought in the Midwest, the stock market collapse and economic recession
increased unemployment in the US and families were forced to migrate to
California and other States. In 1935, Roosevelt established Social Security and
established a Socialist retirement system.
In 1930,
the US inflation rate was -2.34%. Interest rates were 2.5%. Unemployment was
8.7%. US average household income was $1368.
In the
1940s, the US was involved in World War II, defending Britain from Nazi Germany
and defending the US and Asia from Japan. In 1941, the US converted its
industry to produce military equipment. The economy boomed and everybody went
to work.
In 1940
the US inflation rate was 0.72%. Interest rates were 4%. Unemployment was
14.6%. US average household income was $956.
In the
1950s, the US was the primary beneficiary of the Industrial Revolution. Europe and Asia were devastated by World War
II and US manufactured products dominated the global economy. The US economy
was booming, but taxes were high and labor unions were destructive pushing
socialist policies. Government bureaucracies that formed in the 1930s and 1940s
were expanding.
The
private sector was still intact and families were the primary economic unit of
the US economy. Most teenagers had part-time and summer jobs. Most women were stay-at-home moms. Most men
could support their families and took jobs expecting to work their entire
careers with one company. Most families
could buy houses and cars and pay their bills. Catholic schools and hospitals
provided education and healthcare. Doctors owned their own practices. US citizens
manufactured everything they consumed.
In 1950,
the US inflation rate in 1950 was 1.26%. Interest rates were 4%. Unemployment
was 4.3%.US Labor Force Participation rate was 58.5%. US average household
income was $3300.
In the
1960s, the US economy continued to retain its strength, but socialist labor
union propaganda began to have its effect. The combination of union demands,
Communist Goals and Communist propaganda created a culture of entitlement.
Protest by Communist special interest groups were common.
In 1960,
the US Inflation rate was 1.76%.
Interest rates were 6%. Unemployment was 6.6%. US Labor Force
Participation rate was 59%. US average household income was $5600.
In 1964,
Lyndon Johnson passed the Civil Rights Act to codify “entitlement” and
establish “protected groups” as “victims”. He passed the War on Poverty and
established welfare benefits that ruined the Black family structure. He passed
Medicare and Medicaid to subsidize healthcare and fuel unsustainable cost
increases no longer in control by consumers.
US
Manufacturing costs rose in labor-intensive industries and US companies began
to off-shore these plants with the encouragement of the government deep state.
The Cold
War was about stemming the spread of Communism, primarily through invasions
like Korea, Hungary and Vietnam, but later through Communist Revolutions like
Cuba. The Vietnam War 1955-1975 resulted in 50,000 US military killed.
In the
1970s, years of labor union corrosion led to poor quality in US products and
bankruptcies of major US companies. US Auto companies ignored the need for
better mileage and lost market share to foreign car manufacturers. US car prices doubled in 1979.
Communist
infiltration affected education, environmentalism, media and the general US
culture. Abortion became legal in 1973.
Inflation reached 21% and US income taxes were high on taxable income after
deductions.
In 1970,
the US Inflation rate was 5.72%. Interest rates were 7%. Unemployment was 6.1%.
US Labor Force Participation rate was 60.5%. US average household income was
$9870.
In the
1980s, Reagan lowered income taxes and tax revenue increased. Corporate taxes
remained at 35% while all other countries were lowering their corporate tax
rates.
By the
1980s, advances in electronics spurred redesign in telephony and computers.
Union membership began to decline and the PC revolution was underway led by
IBM, Microsoft and Apple. Reagan began advanced designs of US military
equipment.
In 1980
the US Inflation rate was 13.5%. Interest rates were 13.7% Unemployment was
7.2%. US Labor Force Participation rate was 67%. US average household income
was $30,056.
In the
1990s, US Manufacturing jobs were off-shored. UN Agenda 21 was approved based
on the global warming hoax. We were told we were entering the “Information
Age”, but the information wasn’t good. We were losing our manufacturing jobs to
Mexico and China. In 1990, we saw our upgraded US military win the Gulf War to
extract Iraq from Kuwait with few US casualties. Excessive immigration began in
1989 and imported 60 million welfare immigrants
In 1992,
Bush I signed on to UN Agenda 21 that required the establishment of a UN Global
Government to replace all sovereign nation-states. In 1993, Clinton ordered UN Agenda 21
implementation in the US.
In 1990,
the US Inflation rate was 5.4%. Interest rates were 10%. Unemployment was 6.3%.
US Labor Force Participation rate was 66.5%. US average household income was
$54,621.
In the
2000s, Muslim Terrorists hijacked US airliners and flew them into the Twin
Towers in Manhattan NY in 2001. This followed decades of Muslim terrorist
airline hijackings and bombings. Bush II sent the US military to invade
Afghanistan and then Iraq and took the US National Debt from $5 trillion to $10
trillion.
In 2008,
we experienced a financial meltdown due to US home mortgage defaults. The
Community Reinvestment Act passed in 1993, required lenders to give mortgage
loans to unqualified buyers. This was a Democrat Bill that had trip-wires that
caused a financial liquidity freeze and a global depression.
In 2000
the US Inflation rate was 3.36%. Interest rates were 7.7%. Unemployment was
3.9%. US Labor Force Participation rate was 67.1% US average household income
was $59,938.
In the
2010s, the US imported millions of welfare immigrants and refugees.
In 2010
the US Inflation rate was 2.3%. Interest rates were 5%. Unemployment was 9.3%.
US Labor Force Participation rate was 64.7% US average household income was
$55,520
In 2019
the US Inflation rate is 1.8%. Interest
rates are 3.8%. Unemployment is 3.5%. US Labor Force Participation rate is
63.3%. US average household income is $64,430.
Trump
lowered the Corporate Tax Rate in 2017 from 35% to 21% to be competitive with
other countries to return US manufacturing using Tariffs.
Norb
Leahy, Dunwoody GA Tea Party Leader
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