You Call This a Good Economy
1 You have to have lived in the 1950s and 1960s to have experienced a good economy. In the period between 1950 and 1970 it was the rule—rather than the exception—that an ordinary family, without higher education, could sustain itself decently on the income of a single breadwinner. In 1955, when I was 19 and living in
3 There is another answer, though: inflation caused the entire work force to be moved into higher tax groups, thus reducing after-tax purchasing power. That is, my father’s bindery job in1954 paid $82 a week, with $80 after deductions; today, at $ 820 per week the net would be $662.
4 To ordinary people, the economy doesn’t look very good at all. After-tax incomes continue to decrease in purchasing power. The jobs offered in the employment ads pay only a little more than the minimum wage, maybe $5 an hour, which, after payroll deductions, yields $4 an hour. Compare that with minimum-wage jobs of the early 1950s, when 75 cents was worth today’s $7.50 before and after taxes.
1.bookbinder (bind装订) 图书装订商
2.decent 合适的，适当的；体面的 本文取后者
5.payroll 工资本 a list of employees and the wages due to each