how do you explain the steady rise in American's standard of living, adjusted income, and adjusted purchasing power during the period from 1959 to today?
I'm not an economist or even a hobbyist, but the standard of living has been used in discussions to excuse all manner of government expansionism, which may be unrelated. My general explanation is that the standard of living, and productivity has risen
in spite of irresponsible fiscal policies, primarily based on technological inventions. A number of troubling trends underly the rise in household income; most notably the advent of two-income households, dissolution of the nuclear family. Arguably, a number of social ills can be tied to this particular trend, which may be outside the scope of this thread. Finally, imbedded in the current fiscal landscape are at least a couple of timebombs that have been shamelessly swept onto future generations through federal accounting misdirection: social security and healthcare entitlements, which are disasters waiting to happen, generally agreed to be the height of irresponsible management (although you're invited to make the argument that these schemes are beneficial and sound
). So, the rise in std of living may be illusory, and not a product of the federal reserve practices, though you're invited to argue otherwise.
I'd summarize your graph with the statement: bread and circuses. Translated: As long as Joe sixpack can borrow enough to get his big-screen TV, all is well.
Back on topic, the apt comment is made that "Federal Express" is not prosecuted for pretending to be a branch of the the federal government. They exist as an alternative, and arguably have spurred innovation in the USPS. Likewise, the liberty dollars exist as an alternative to federal reserve notes, for those who anticipate further erosion of value. Notably absent in this assault, are the pleadings of those who have been actually harmed by the liberty dollar project. With millions of liberty dollars in circulation, you'd think that fedgov would be highlighting cases of individuals who have been financially damaged thusly. These cases are strangely absent.