Have you heard all of the good news in America about how great we are doing?
Well, I will do a comparison and show how much American workers are losing today. I will compare the price of a Corvette from 1960 and 2004 with median income in America. The data used came from Wiki (I know I hate wiki, but I had to have data for comparison) and About.com.
We went from 5% median income above the price of a Corvette to 70% of the price. The median worker lost 25% of the price of a Corvette in 44 years. That is about .5% a year in lost wages. Money outsourced to overseas jobs, and then we lost even more in taxes.
So, if the average American employee used to be able to buy a corvette with one years’ wages and now it takes 1.5 years …. what are we saying about America?
Should I point out our taxes are also more than they were? So, that comparison for those of US paying taxes is MUCH worse ….
Just one cost of wealth transfer from the working middle class to the Welfare Class.
Should I compare the tax burden as well as the purchasing power loss?
Here is the math I used. (Median Income for all workers / Base Price of a Corvette)
($4,080/$$3,872) = 105% in 1960
($30,513/$43,735) = 69% in 2004