Poverty Went Down For The Average American In The 20th Century, But Why?
The last twenty years have been a little disappointing for the average worker. Wages are flat when you take inflation into account, and prices for life’s essentials, like rent and healthcare, have been going up. But despite the recent blip in the historical record, poverty rates fell for most of the twentieth century, and they’ll probably continue to fall in the future. The question on the minds of many people, though, is why? What was it that allowed poverty rates to go down so sharply in the years following WWII? As you can see from the following infographic, there’s something of a debate on the subject. Some people are firmly in the camp that says that it is the market economy that produced the wealth that allowed people to work their way out of poverty to a semblance of financial success. Others argue that it was the action of the government that brought up the standard of living among the poorest members of our society with a variety of programs....