Have US living standards gone nowhere since 1999? Does that really seem right?@JimPethokoukis goo.gl/NVx6ML http://t.co/RMnisa1yQD—
AEIdeas Blog (@AEIdeas) September 16, 2015
Apparently, we not a cent better off compared to the 70s because all the income gains, every single cent, went into the pockets of the top 10%, if Senator Warren is to be believed in her recent Washington post op-ed.
If you’re willing to put your money where your grumpy socialist mouth is, you would step into a time machine to go back to the 70s because that would make you wealthier.
A way to grasp the conceptual difficulties of measuring changes in living standards and life expectancies across the decades is to step into Brad De Long’s time machine.
In this thought experiment, De Long asks how much you would want in additional income to agree to go back in time to a specific year. De Long was an economic historian examining the differences in American living standards since 1900.
Of course, to work how much you…
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Utopia, you are standing in it! 
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