Question

The average American’s real income today is about four times what it was in _________.

Answer 1

Answer:

The average American’s real income today is about four times what it was in 1960.  Average lifetime lengths have increased by 12%,  the number of hours worked per week has decreased by 17% ,  and homes have more than doubled in size.

Explanation;

Economic data shows that Americans make on average, about 4 times what they were making in real income in 1960 due to exponential economic growth.

At the same time, Americans are also living a longer life by 12% on average than in 1960 when the life expectancy was around 70 years. Today it is around 78 years.

Americans are also working fewer hours than their 1960 counterparts because where in 1960 they worked for an average of 50 hours a week, recently that number hovers around 40 hours a week.

Houses built are also larger than they were in the '60s as income has increased and preferences have changed.