The Silent Depression

In the current economy of 2023, Americans are experiencing higher cost of living expenses and lower wages than at the height of the Great Depression in 1930. Not only are we fighting our way through a recession, but we are fighting silently as these statistics are dismissed by politicians and mainstream media outlets.

It has since been coined the “Silent Depression.”

For those who are skeptical, the following statistics are all Google-able information that form the foundation for the growing outrage on social media.

In 1930, the average annual income of a single American was a little over $4,800, based on the United States Internal Revenue report for that year. Accounting for inflation over the years, that number reaches to just less than $85,000 a year today.

Unfortunately for us, the current average income for a single American is only $56,000 according to the U.S. Bureau of Labor Statistics, meaning that as of 2023, Americans are making less than they were at the height of the Great Depression.

These numbers are not limited to annual income. The price per gallon of gas, new cars and even homes are equally as affected, if not more seriously so.

In 1930, gas was on average 10 cents per gallon based on an article from Newsweek, which equates to about $1.73 now. However, the average price of gas across the United States in 2023 is $3.55 according to Finder Economics.

Especially for those people who rely on cars to travel for school or work, the price difference is staggering.

At the height of the recession in 1930, a new car cost approximately $860 according to a Newsweek article. Now, that number is comparable to $15,000.

Yet, the average price of a new car purchased from a dealership in 2023 is $48,000 based on data from Kelly Bluebook. This has caused monthly car payments to increase exponentially, meaning a higher percentage of people’s paychecks are going towards these payments.

This scenario leaves less money available for other expenses, savings and even retirement and investing…..

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