If you look at socialist nations, communist nations, et cetera, et cetera, all they try to do is tread water. They just, "Let's give everybody a standard of living, let's just have..." and then so you tread water. Well, I don't want to tread water. The American dream is that tomorrow can be better than today was. The American dream is not about a house and a car. The American dream is I can live a better life than my parents did.I was thrilled to see the influence of Mark Perry's recent blog posts on the Sears catalogs. In addition to the toaster, Glenn Beck goes on to mention the microwave, refrigerator, washing machine, VCR, and television.
In 1949 a toaster, a toaster was $16.95. It doesn't seem like a lot now. I mean, toasters now are $19.99. But a toaster in 1949 being almost $17 took you 13 hours of work because your wage, the average hourly manufacturing wage was $1.26. So it took you 13.5 hours to buy a toaster. Today because of capitalism the toaster, the average toaster is $19.99 and it takes the average manufacturer an hour to buy one.
Hat Tip: Dave Esposito for the pointer to Beck's article.