Reply #24: We didn't think we needed as much ... [View All]

[MamaBear]

We didn't think we needed so much ... and there was less stuff. I was very young in the '50s, but I remember each family had one TV (if any); one telephone (considered a necessity, but many of us were of "party lines" -- a private line was a luxury and in rural areas not available); one car; one record player/stereo. Maybe a second radio. I remember my aunts and uncles rolling their eyes at our transistor radios; they thought we were really spoiled.

There were no $100 sneakers (sorry, athletic shoes) to buy.

America has always been good at consumerism, but I think it wasn't until the 60s and 70s that it just exploded. Americans now tend to be gadget junkies, which is why we are now here on this forum reading each other's thoughts.

Some of the frugality was enforced by the fact that credit was harder to get, and many families didn't have an "account" except maybe with the doctor or at a couple of local stores.

I think an argument could be made that credit cards have turned us into spendthrifts. A little financial discipline probably would do us all a lot of good.

Also, in the 50s, didn't just about everybody have some money saved?

However, also during that period, CEO pay was a much smaller multiplier of worker salaries .. something like 5 or 6. Now it's much higher. Did I see a figure like 430 lately?