You Call This a Good Economy
这能称之为上佳经验
You have to have lived in the 1950s and 1960s to have experienced a good economy. In the period between 1950 and 1970 it was the rulerather than the exceptionthat an ordinary family, without higher education, could sustain itself decently on the income of a single breadwinner(养家糊口的人). In 1955, when I was 19 and living in Brooklyn, N. Y., my father, who had a sixth-grade education, maintained our family of five on a wage of $82 a week as a bookbinder. My mother taught us fairness and compassion; my father, discipline and enterprise.
The U. S. economy in those years was good. Then where did this good economy go? It was inflated away. The price of gold, which I take as proxy for the prices of all goods, was $35 an ounce in those years. It is at roughly ten times that price today.
There is another answer, though: inflation caused the entire work force to be moved into higher tax groups, thus reducing after-tax purchasing power. That is, my fathers bindery job in1954 paid $82 a week, with $80 after deductions; today, at $ 820 per week the net would be $662.
To ordinary people, the economy doesnt look very good at all. After-tax incomes continue to decrease in purchasing power. The jobs offered in the employment ads pay only a little more than the minimum wage, maybe $5 an hour, which, after payroll deductions, yields $4 an hour. Compare that with minimum-wage jobs of the early 1950s, when 75 cents was worth todays $7.50 before and after taxes.
Notes
1 Brooklyn: a district of New York city
2 inflate:通货膨胀
3 proxy: the authority to act for another
4 payroll: a list of employees and the wages due to each
Reading Comprehension
1 In the authors opinion, a good economy, to ordinary people can be expressed in terms of ______
a. the amount of wage
b. after-tax income
c. the actual purchasing power
d. the minimum wage per hour
2 In the period between 1950 and 1970,_______
a. there was not much difference in the living standards between people of higher and lower education
b. an ordinary family of five without exception could live on one person income
c. the income of an ordinary family was more than enough for buying food
d. for an average family the income was sufficient to support all the members
3 Today a bookbinders wage is ten times that of the 1950s but its income tax rate has increased ______
a.50 times b.60times c. 70 times d. 80 times
4 The worsening of a bookbinders livelihood results from _____
a. his low education and the amount of wage
b. the high-taxation and the income deductions
c. the high taxation and cost of living
d. thelow wage and higher prices
5 The passage implies that while the cost of living is getting higher______
a. the value of labor actually is shrinking
b. the minimum wage level is increasing likewise
c. the income tax rate is rising along
d. the employment ads naturally offer a higher minimum wage
6 The authors tone in writing the article is_____
a. ironical b. subjective c. high-sounding d. convincing
7 the article aims to _________.
a. help control the rapidly increasing prices
b. give some advice to the policy-makers
c.impress the younger generation with some basic facts
d.call upon the societys attention against inflation
1 c 2 b 3 d 4 c 5 a 6 d 7 c
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