- Financial Survival Network
- Posts
- Doug Casey On the Silent Depression and Current Economic Realities
Doug Casey On the Silent Depression and Current Economic Realities
by Doug Casey International Man
International Man: Wall Street Silver, a financial analyst on Twitter, highlights that during the Great Depression, the average home cost 3x the average income. Today, it costs 8x as much.
In the 1930s, the average car cost about 46% of a year’s earnings. Today, they eat up 85% of the annual average wage.
Rent, which previously claimed just 16% of yearly income, now demands a staggering 42%.
By these metrics and others, the average person is in a worse position than during the Great Depression, the most challenging economic period in the last 100 years.
What is your take?
Doug Casey: It’s not written in stone anywhere that life is going to be easy. But with the accession of capitalism, life has gotten better and better for the average guy for many generations. Perhaps prosperity has spoiled the average guy, transforming him into an undeserving idiot who thinks socialism works and a welfare state can give everybody something for nothing.