Friday, August 30, 2013

Thoughts for Labor Day weekend.

As we head into Labor Day weekend, I think it is interesting to see what the economy was like 50 years ago when people were getting ready to celebrate Labor Day.
50 years ago minimum wage was 1.25 that was Sept. 3, 1963. Today it is 7.25 per hour.
There were 15,000 US military advisers in South Vietnam. Currently, the United States has military personnel deployed in about 150 Countries... This covers 75% of The World's Nations. 172,966 men and women are currently deployed.
US GDP (1998 dollars): $617.4 billion in 1963 and was worth 15,684.80 billion US dollars in 2012
Sometimes I hear people refer to GDP and I’m not sure they’re clear about what Gross Domestic Product is or why it matters. In economics, the gross domestic product (GDP) is how much a place produces in some amount of time. For nations, the GDP can be calculated by adding up its output inside the borders of that country. To know the GDP of a country, one would need to add up the consumer spending, investment spending, government spending and the value of the exports and subtract the value of the imports.
Federal spending 50 years ago was $111.32 billion or 3 billion dollars a day. In 2012 $11 billion a day was spent.
Federal debt a whopping $310.3 billion in 1963 and should reach 17 trillion any day now.
Unemployment in 1963 was 5.5% the unemployment rate was 7.4% in July 2013.
Cost of a first-class stamp: $0.04 ($0.05 as of 1/7/63) and today a stamp is 46 cents.
Finally, I know many are hittin’ the road for Labor Day. In 1963, a gallon of regular gasoline would cost the customer on average of $0.32 cents per gallon. Today's national average price for regular unleaded gasoline is $3.54 per gallon. It’s only $3.22 more per gallon to travel today than it was 50 years ago.

But there’s something else we must remember:
"If you have food in the refrigerator, clothes on your back, a roof overhead and a place to sleep you are richer than 75% of this world. If you have money in the bank, in your wallet, and spare change in a dish, you are among the top 8% of the world's wealthy."
"And if you own a computer, you are part of the 1% in the world who has that opportunity."
"If you woke up this morning with more health than illness...You are more blessed than the many who will not even survive this day. "
"If you have never experienced the fear in battle, the loneliness of imprisonment, the agony of torture, or the pangs of starvation ... You are ahead of 700 million people in the world."
"If you can attend a church without the fear of harassment, arrest, torture or death you are envied by, and more blessed than, three billion people in the world."
"If your parents are still alive and still married ...you are very rare."
"If you can hold your head up and smile, you are not the norm, you're unique to all those in doubt and despair..."

Have a great Labor Day weekend!

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