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- W101291966 abstract "The media have been aglow with reports of the booming economy and rising prosperity in the United States since the early 1990s. Indeed, the run-up in stock prices between 1995 and 2000 created the impression that all families were doing well in terms of income and wealth. This, however, was certainly not the case. As I shall demonstrate, most American families have seen their level of well-being stagnate over the last quarter century. Despite this recent boom, the last quarter of the twentieth century witnessed some disturbing changes in the standard of living and inequality in the United Sates. Perhaps, the grimmest news is that the real wage (average hourly wages and salaries of production and nonsupervisory workers in the total private sector, adjusted for inflation) has been falling since 1973. Between 1973 and 1993, the real wage declined by 14 percent, though it since rose by 7 percent from 1993 to 2000, for a net change of -8 percent. Changes in living standards have followed a somewhat different course. Median family income, after increasing by 13 percent in real terms between 1973 and 1989, fell back to its 1979 level in 1993, though it since grew by 17 percent between 1993 and 2000. Despite falling real wages, living standards were maintained for a while" @default.
- W101291966 created "2016-06-24" @default.
- W101291966 creator A5045064630 @default.
- W101291966 date "2013-10-07" @default.
- W101291966 modified "2023-10-13" @default.
- W101291966 title "Recent Trends in Living Standards in the United States" @default.
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- W101291966 doi "https://doi.org/10.4337/9781845420529.00011" @default.
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