A nylon tire of 1950 lasted 16,000 miles. Today's steel belted radials last 42,000, but in work-time terms the modern tires are cheaper as well as far safer and more durable. A 6.5 ounce Coke cost a nickel in 1940, and 33 cents in 1997. But today's Coke drinker works only one third as many minutes to buy it. The pioneering color television of 1954 required 562 hours of work, but today only 23 hours are required.
Time is the currency of life, and the value of our time is our most important asset.
Like a good steward, America's free enterprise system has consistently raised the value of our hours and minutes, making most goods and services affordable to the average worker. The result is a democracy of consumption. Despite those costly burdens, our free enterprise system has succeeded splendidly in bringing more and better goods within the reach of every consumer. It's worth keeping.