Economists incorrectly measure inflation, a basis for correctly measuring other important economic statistics?
Mostly products I use in retirement were not available to my dad who retired In
the late 1970's, when economist preach the US wellbeing had began to decline.
These are the very inexpensive products I use daily: Laptop, Internet, My Website, Smartphone,
Streaming 4K TV, Sirius Radio, Podcasts, Facebook, and You Tube political economy videos.
Medical expenses and college tuition are measured at gross price which is seldom paid by consumers.

Measured appropriately, income and productivity are not falling.

Why don't more people understand our current populism has happened before. U.S. Terror Episodes Since 1900

A capitalist, democratic, federalist, capitalist economy changes very slowly.
For 400 years, half our immagrants were looking for freedom and the other half were looking to make a buck.

Return to  What You Should Know About  Updated 4/15/23  Please link to, use to educate and share.

Look Out the Window to See Economic Reality

1) An oversupply of unskilled often illegal workers keeps wages down.
     Lately, this increase in supply is affecting marginally skilled, highly educated workers.

2) Low wages--high profit companies have disproportionate affect on politicians.

3) Capitalism producing much wealth, but, democracy does not distributing income and wealth fairly.

4) Never-ending change from technology, trade, expanding social norms ...
     cause Creative Destruction and an increasing economic uncertainty.

5) Democratic stability requires
Mutual toleration: public and private acceptance of an opponent's legitimacy
    Institutional forbearance: under utilization of one's power by accepting
    the other party's legitimacy and not following the letter of the law.

6) A Populist Revolt, led by Trump, continues because:
     Republican Trickle-Down Economics continues not to trickle
     Democrats continuing to allow flat world workers to take their Job.

7) Few really know how our poor people really live.
The poverty rate is really Gross Poverty i.e.. before government assistance.
     Do the poor work in the underground economy, sell food from SNAP ...?

1. Everyone is On Welfare

2. Federal Debt Has Not Been a Problem

3. The Good Old Days Were Expensive

4. Government Helps the:   Poor   Elderly    Middle    Wealthy    


While Good Jobs Are Disappearing, Economic Wellbeing is up.

     6. A Does a New Cycle Means Change?

Return to Current U.S. Political Economy Controversies  

Updated 6/121/18   Please link, use to educate and 


Everyone is On Welfare
Are You Getting Your Fair Share?
Check from 1 to 12 items to qualify as a welfare recipient. 

 You receive/received health care and retirement  benefits from an employer that were not taxable income.   _____
    Why? Determining what is taxable income is arbitrary.


 The top 20 percent of income earners receive over half the value of major tax expenditures



You are associated with Social Security (pay or receive) and have/had a family. _____
Single people pay the same as those with a family and receive no social security family benefits.  

SOURCE: Congressional Budget Office, CBO 2015 Long-Term Projections for Social Security, December 2015. Compiled by PGPF.



Why worry if you/your family are not covered by health insurance
You have the security of knowing society will pay when sickness occurs. Just go to a hospital.

 "In fact, their results suggest that each additional uninsured person costs local hospitals $900 per year.                

That means hospitals are effectively serving as “insurers of last resort” within the American healthcare sector by providing care to uninsured patients who cannot afford to pay their medical bills. " “People are still going to the emergency room,” Garthwaite says, “and they are still receiving treatment—so the cost is still there. When governments do not provide health insurance, hospitals must effectively provide it instead.”

Interestingly, nonprofit hospitals end up absorbing the bulk of this care. A majority of private hospitals in the United States—more than 70 percent—are nonprofit firms and therefore expected to provide a “community benefit” in exchange for tax relief Source


Editor's Note: In 2001 the Total Uninsured cost for full and part year recipients was


"It also doesn’t mean that hospitals won’t try to bill someone without insurance. And the bill they send will be higher than for an insured patient because there’s no carrier to negotiate lower prices.

As a result, the uninsured are more likely to be contacted by collection agencies, as they face problems paying both medical and non-medical bills. One study, published in 2016 by the National Bureau of Economic Research, found that someone who goes into the hospital without insurance doubles her chances of filing for bankruptcy over the next four years."

$83.1 billion $ 1,335 per person


For all 12 qualifiers see Everyone is on Welfare


Federal Debt Has Not Been a Problem

In the Beginning There Was Revolutionary War Debt


More Wars, More Debt But
More Growth Meant Lower Debt Burden

Because spending on entitlements, education and the military are not contracts, 
we can expect cut backs when the dollar loses its Exorbitant Dollar Privilege



The Good Old Days Were Expensive

1964 TV's Were Small, Expensive
and Poor Color Gave Everyone Sunburn




Today's TV Screens are Bigger, Set Is Smaller With a Better Picture
and Look at All the Extra Stuff You Get Today With the Saved Money!



Poverty Drops to 4.8%

This chart "...provides a first approximation of how correcting the 2013 poverty rate for noncash food and housing benefits, refundable tax credits, and not using the upward [inflation] bias of the CPI-U would change the 2013 poverty rate. This adjusted poverty rate falls from 14.5 to 4.8 percent, making the 2013 rate roughly a quarter of the 1964 rate (19.0 percent). Source



If we were to lower the poverty threshold for cohabiting couples to match that for married couples the 2013 poverty rate would have fallen even more." Examples of noncash benefits include food stamps SNAP), discounted school lunches, subsidized rent, Medicaid, and Medicare. See Source






Middle Class



Good Jobs Are Disappearing


For More and More College is Not the Answer



Wellbeing is Up



Safety Net is Better





Does a New Cycle Means Change?
Last 50 Year Cycle Helped Many, Hurt a Few

 Graph Summary
Post WW2 U.S. economic monopoly power benefited most US citizens
  Then many, especially the elderly and blue color workers,
were especially hurt by foreign competition and debt/oil inflation.  


But Inflation May Not "Save the Day"


Click to View