THE SILENT DEPRESSION - DO THE MATH

Video Transcript:

new term on TikTok today that made me stop in my tracks. We are living in the silent depression. This guy believes we are not just living in worse than the great depression. We're living in the silent depression. The average annual income in 1930 for an American individual was a little over $4800. Sounds like nothing. But if you adjust that for inflation, a little over $4800 a year in 1930 is equivalent to almost $85,000 annually for the average salary for one person. Right now, the average annual salary is $56,000 a year. We currently are making less than at a height of the great depression. In 1930, gas was on average 10 cents a gallon. That would be about $1.73. In case you haven't filled up your car lately, average cost of a gallon of gas is $3.55. To buy a new car in 1930 would have been about $860. It's worth about 15 grand. The average cost of a new car today is $48,000. And of course, the most coveted aspect of the American dream being able to buy a house in 1930 cost about $3900, less than $70,000. I spend way too much time on Zillow, so maybe this isn't surprising to me. But the average price of a home in America today is $416,000. How could we be living through worse costs of living and wages than 1930? And no politician, no media outlet, no one is talking about it. That's by economics. It's about growing an economy by strengthening the middle class.