Living Standards, Then and Now (September 21st, 2011)

There is a change of necessaries from the 1900's and 2005. Typical family spent 36% on home security. We have twice as much income to spend off on other things.
The charts that described us getting richer:

• None of us would starve or be unclothed because we spent lots of money on other stuff like vacations.
• Free ourselves from the necessities.
• Spending on our education has increased.
• Ability to pay taxes and purchase public goods.
• This freed up wealth also buys us bureaucrats (people working for the government), bombs, and bailouts.

1900 would not be able to bailout companies, but now there are 2100 bailouts done easily done by one man. Basic necessities are far easier for an American than others around the world. Bill gates might own a liake but you can still drive around it; which means we are not different from him at all.

Income seriously understands the extent magnitude of the economic growth. Commodities themselves do not matter, it is the services provided the consumption of them. Real economic is underestimated by up to 1.4% per year.