Maybe these are the good ol’ days

 

It’s not uncommon to hear people wish that we could return to the “good old days,” when the world seemed more prosperous.  Of course, depending on how far you go back, the “good old days” might cover a time when the world was poised on the edge of a nuclear precipice, when the Soviet Union and other communist governments basically enslaved more than 50% of the world’s population, when racism was practiced openly and codified in the legal system, when there was no Internet or smartphones, and when TV entertainment consisted of three or sometimes four channels on a heavy, small-screen device that didn’t include a remote.

 

If you consider our world’s economic history, it actually appears that most of are, today, living in the good old days.  The chart, from the website Our World in Data, shows the change in GDP per capita since 1960—a measure of whether individual countries have increased their overall wealth in the past 54 years.  The dots are individual countries, and if you look at the placement of the dots, you can see the average GDP in 1960 (along the bottom) vs. today (along the left side).  The line moving diagonally across the graph is important: any country whose dot falls above that line has experienced positive GDP growth per citizen.As you can see, pretty much all the dots are above the line, in many cases far above.  The highest per capita GDP country today is Luxembourg, followed by Singapore, Norway and Switzerland.  The U.S. is on the upper right side of the graph, meaning that it was one of the most prosperous nations in the world in 1960, and still is.

 

The countries at the bottom of the graph, Central African Republic and Niger, started poor and became more so over the past 54 years.  For them, the “good old days” weren’t so great, but they were better than today.

 

CA - 2017-4-15 - Economic Progress

 

Source:

 

https://ourworldindata.org/extreme-poverty/

About Objectively Speaking

Tom Batterman, founder of Vigil Trust & Financial Advocacy and Financial Fiduciaries, LLC is in the business of representing the best financial interests of his clients. Having provided objective, fee-only financial management services for over two decades, he specializes in managing the investment and related financial affairs of individuals and mutual insurance companies who do not have the time, interest or expertise to manage such matters on their own. As an objective, unbiased professional who takes on a fiduciary responsibility to his clients, he guides clients to the financial decisions they would make themselves if they had years of training and experience and the time and expertise to fully research and understand all of their options. Founded in 2010 as an outgrowth of Vigil Trust & Financial Advocacy, Financial Fiduciaries, LLC is a financial management solution for individuals and mutual insurance companies who recognize they do not have the time, interest or expertise to properly attend to their financial matters on their own. While there are many financial “advisors”, most of them have investment products to sell and the “advice” they provide is geared toward getting their clients to engage in a purchase. As one of the rare subset of advisors known as “fiduciary advisors”, Financial Fiduciaries does not sell any investment product so its guidance is not compromised by conflicts of interest which plague ordinary advisors. Prior to his employment in the financial industry in financial advocacy and trust positions, he worked at a private law practice in the Wausau area in the areas of estate planning, tax, retirement planning, corporate organizations and real estate. He is a graduate of the University of Wisconsin-Madison and the UW-Madison Law School and has during his career held Series 7, 24 and 65 securities licenses. A longtime resident of the Wausau, Wisconsin Area, Tom is active in the community. He enjoys golf, curling, skiing, fishing, traveling and spending time with his family.
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