Quote:
Originally Posted by Guest
You make some very good points . As a college student of economics back in the early 70`s I spotted this growing trend of women leaving the home to take full time jobs .
I believed then and I believe now that it was due to the impact of
LBJ`s " Great Society Programs " . This major spending program
and also the Vietnam War`s mounting costs drove inflation into heights previously unseen .
Out of necessity to continue to afford the basics a lot of women had to enter the workforce . However their incomes provided excess spending power beyond just the necessities .
The two car family emerged , nice vacations and other niceties which caused other women to want to go to work to be able to bring those " things " to their homes as well .
Another phenomena began to take place in the workplace of " service workers "because women were capable of doing the same work as men but employers discovered that they could get away with paying them less and they did so .
Consequently the wages of the traditional family provider`s were not increasing at the rate of inflation and this in turn forced more and more women into the workplace just to be able to make the costs of running a traditional household meet .
This situation never seen previously came to be labeled as " Stag-flation " . Meaning high inflation but stagnate wages .
Recall that post LBJ this became a huge issue and prices kept rising so high also abetted by the actions of newly formed OPEC that lending rates became as high as 18% for Prime Rate credits .
This situation took down the Administration of Mr. Carter and elected Ronald Reagan to the presidency .
Now the two income household is a necessity and not an option and millions and millions of children have suffered as well as our once traditional culture as a result .
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Now, with the perspective of 40 years, it’s obvious that the nonstop economic expansion that lasted from the end of World War II to the Arab oil embargo of 1973 was a historical fluke, made possible by the fact that the United States was the only country to emerge from that war with its industrial capacity intact. [in other words we didn't get bombed so it was easy to be a successful exporter with plenty of high paying jobs]
RIP, the middle class: 1946-2013 - Salon.com
Read the rest.