We've Used Our Greater Wealth to Buy Bigger and Better Things

The U.S. is the richest nation in the history of the world but there is little evidence that its citizens are on average happier today than they were in the 1950s when wealth and income were much lower. Median family income adjusted for inflation was $29,000 in 1955,. In 2019, it was just over $62,000. The median American home increased from 983 square feet in 1950 to 2,436 square feet in 2018. Average new American home now has more bathrooms than occupants. We've used our greater wealth to buy bigger and better stuff but we've simultaneously given up more control over our time.