Plentiful for Some: The 1950s
I CAN’T IMAGINE there has ever been a more gratifying time or place to be alive than America in the 1950s. No country had ever known such prosperity. When the war ended the United States had $26 billion worth of factories that hadn’t existed before the war, $140 billion in savings and war bonds just waiting to be spent, no bomb damage, and practically no competition. All that American companies had to do was stop making tanks and battleships and start making Buicks and Frigidaires—and boy did they. By 1951, when I came sliding down the chute, almost 90 percent of American families had refrigerators, and nearly three-quarters had washing machines, telephones, vacuum cleaners, and gas or electric stoves—things that most of the rest of the world could still only fantasize about. Americans owned 80 percent of the world’s electrical goods, controlled two-thirds of the world’s productive capacity, produced more than 40 percent of its electricity, 60 percent of its oil, and 66 percent of its steel. The 5 percent of people on Earth who were Americans had more wealth than the other 95 percent combined. Remarkably, almost all this wealth was American made. Of the 7.5 million new cars sold in America in 1954, for instance, 99.93 percent were made in America by Americans. We became the richest country in the world without needing the rest of the world.