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Source on education: https://libertystreeteconomics.newyorkfed.org/2014/09/the-value-of-a-college-degree.html …
Now the big one: healthcare. And on this one I don't have one neat number to compare. But I do know that just looking at, say, the cost of health insurance, or a night in the hospital, is the wrong approach. Those things get you much more and better healthcare than in the 1970s!
Think about prescription drugs. They are getting more expensive! But part of that is driven by *new* drugs. If we just look at the basket of drugs available *in 1970* and compare to prices of those same drugs today, I can guarantee they will be much, much cheaper
What about medical procedures? My brother got a life-saving double lung transplant last year. It cost something like a half million dollars! Expensive! But what did it cost in 1970? Trick question! The cost was infinite. The first successful DL transplant wasn't until 1986
And while we lag other countries on outcomes like infant mortality, we have still seen dramatic improvements since the 1970s The infant mortality rate in 1970 was 19.9. In 2017 it was 5.7 (source: https://fred.stlouisfed.org/series/SPDYNIMRTINUSA …)
So again, I don't have one single metric we can look to for health care. I'm open to suggestions! But health care involves so many different costs and so many measured outcomes, that it is hard to see the big picture. But a graph with a line going up over time is useless
Let me conclude by preempting any charges of Panglossianism: I think we can and should do better on all these! And I have ideas! But claims that two-income families are "trapped" by spending more on these three areas ignores the important point that THEY ARE BETTER END THREAD
I really like the data you've presented, but you cannot hand-wave the cost of insurance by simply saying we have better care. Premiums have been on percentage increases 2-3-4-5x CPI for the last 15 years, you can't say medical care quality followed this trend over the same time.
I don't want to hand wave it completely, but it really is just a poor number to look at. Infant mortality is 30% of what it was in 1970. How much is that worth? I don't know, but it's worth something!
Agreed, but if you relegate the view from say 2005 to present, infant mortality didn't decline much, but insurance costs have more than doubled, approaching tripling. In that shorter time period, it's a very apt number to evaluate.
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