Discuss how long-term inflation has affected the decline of purchasing power of the American family
What will be an ideal response?
The student should indicate that inflation has eroded American families' purchasing power over the past 40 years. In 2009, the average hourly earnings were four times higher than they were in 1970. 2009 average wages were $22.36 per hour; in 1970 they were $3.23. However, $22.00 today will not buy the same amount of goods as $3.00 did in 1970. Two-earner families are a necessity for most families to survive today. Inflation in housing, medical care, and fuel costs have outpaced wage earnings over the years. Families work longer hours to earn more money, yet have less purchasing power with that income.
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