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Schiller's Data on Earnings Growth During the Great Depression
In the 1960s real GDP was growing 4.7%. We're growing 2.2%. Real DPI X personal current transfer receipts, which is a very important thing to think about because the classic C plus I plus G plus net X equals GDP calculation. Personal current transfer receipts were only 7% of disposable, uh, excuse me, in the 1960s. It's 20% today. Federal government liabilities to household income adjusted 55% in the 60s, 118% today. And ultimately it's the household sector that's responsible for this.