Average annual US income in 1960 was around 4500 dollars. In gold terms, this was 128.5 ounces of gold. Gold being fixed at 35 dollars an ounce. In 1960, the US had the highest living standard in the world. A worker could support a family of five or so members. An income sufficient to support a family today would have to be 128.5 ounces of gold multiplied by 1200 dollars, the price of gold, and one gets an income of 154,200 dollars.
In 1960, wealth disparity was around 25 to 1. Wealth disparity in 2016 is over 350 to 1. Wealth disparity in the last 50 to 60 years has grown so fast and so high, it has no parallel in human history.
Average annual income today, in 2016, is 52,000 dollars. In gold terms that is 43.33 ounces of gold, derived by dividing 52,000 dollars by the average price of gold which is 1200 dollars.
In 1960, the US had a large middle class but today, it is almost non existent, apart from an Overseer Class, the five percent, which is in the service of the Ownership Class, the one percent. The poverty rate was high in 1960, around 15 percent, but in 2016 it is over 25 percent. It is evident that the standard of living of Americans has collapsed over the last 50-60 years, and is approaching that of the Third World.
In 2016, the US has three economic classes: the ownership class of about one percent, the overseer class of around five percent, and the Precariat class of around 90 to 95 percent. The Precariat class has no wealth, lives from hand to mouth existence, and, if lucky, holds two or three jobs, working themselves to an early death. Some members of the overseer class talk nonsense on TV programs glorifying the ownership class, assuring their own cushy existence and brainwashing the Precariat class. Meanwhile the ownership class, travelling in their private jets like Greek gods, scheme how to take over natural resources, control other countries, and, possibly, start wars.
The Precariat Class has elected Mr. Trump the President of US because they desperately need change. Will he deliver? That’s difficult to say. Tax cuts of 30%, deregulation, and more defense spending will not do the trick. What would possibly do the trick is to maintain present spending, but cut defense spending by fifty percent. Also, to cut all discretionary spending and invest that money into infrastructure rejuvenation and new industries that would produce the useful products that the world needs and wants. Also they would pay a living wage to American workers with government sponsored health care. Private, parasitic insurance companies have no business to being in “healthcare”. Good, quality education with high standards must be established. All forms of private parasitism must be eliminated. Whether this will be enacted, remains to seen. The hour grows late and patience is running thin…