Thursday, May 31, 2007

On The Road To Serfdom

We reported the average working stiff’s share of the U.S. public debt has reached $516,348. “Put that together with his spiffy new mortgage,” comments Bill Bonner, “and he's more than $1 million in debt. He has taken what Friedrich Hayek called 'The Road to Serfdom.’ He is becoming a slave… to his credit cards, to his government, to his mortgage, to his nation's foreign meddling and domestic commitments; and the poor man has no way out.”
After adjusting for inflation, the average 30-year-old man today makes $35,000, while his father brought him $40,000 in 1974. These paltry numbers were released by Pew Charitable Trusts yesterday.

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