Future

Prior to the 1930’s there was little or no middle class in America. The few at the top with the Robber Barons at the very top and the masses at the bottom with no pensions, no healthcare, unsafe working conditions and low salaries. They were barely a step above slaves. During the 1930’s the government intervened and made many changes which offered benefits to the workers. During the war everyone was working and making good wages and after the war that continued with additional help from the government with the GI Bill, which offered the opportunity for home ownership with no money down and low interest rates. Millions of 8-to-10-thousand-dollar homes were built across the country and many also went to college and these changes grew the middle class. During the 50’s and 60’s wages increased faster than inflation and the great suburbian family became the norm. On a personal note, I purchased one of those houses in 1959. It cost $10,000 and was built in what used to be a corn field. I recall looking at the rotogravure section of the Sunday paper and realizing that everyone I knew could afford to buy most of the items advertised. Beginning in the middle 70’s things began to change. Corporations discovered they could increase profits by moving production overseas and when China entered the WTO in 2000 the job exodus accelerated. As manufacturing jobs disappeared in the rust belt, workers had to settle for lower paying positions. During this time interest rates were low and many families fell into the credit card trap to make ends meet. After 40 plus years of job loses the tide is turning and manufacturing is coming home. Private and foreign investment in the economy is rising rapidly and will bring with it high paying jobs and new more efficient facilities and AI will increase productivity. At this point the economic future looks promising but could be derailed by political infighting. The two parties could pull together and create a new great America but that is not likely.