In researching a recent column on the destruction of the middle class I found these numbers:

When adjusted for inflation, between the mid-60s and today medical insurance premium costs went up about 7X; college costs, including room and board, went up about 3X; housing costs went up about 2X, while the median income went up only 15%! Plus, there are new basic costs today such as internet, cell phone, OTC drugs, much higher interest charges and others.

After subtracting these higher costs, someone making the median income today has about one-third as much disposable income as someone making the median income back in the 1960s.

Things are much worse for wage-earners today than a simple comparison of inflation-adjusted wages would suggest.

--David Grace

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