As a reminder, what follows is not meant to depress, but merely to enlighten and educate those of us who do not or cannot understand what has happened to the once great U.S. manufacturing base.
ROBUST MANUFACTURING BASE = A WELL OILED ECONOMY = INCOME EQUALITY
The Wide-Angle View: Personal Per Capita Growth Mirrors US Real GDP Growth
As we can see, on a per capita basis, the size of the economy has
consistently increased over last 70 years or so. As these economic numbers indicate, our
national average common incomes have increased even when all inflationary
impacts have been taken into account.|
However, the above graph does not disclose information on who can buy food and other goods with these annual income flows. The most revealing aspect of Figure 1, however, is the increasing gap between Real GDP/capita and real disposable incomes/capita as time goes by. Most of this gap is due to increasing government, federal, state and local fees and taxes which again pay, i.e., for food stamps.
More revealing are the various private goods and services producing industries’ contributions to the USD GDP as seen in Figure 2.