It was a decade of reverence for the esteemed economic system of capitalism after a decade of horrendous war. Coming out of the Second World War, the 1950s symbolized a new period of ultimate economic expansion, relatively stable costs and prices, and a lowering unemployment rate. These all lead up to a "golden age of capitalism" and an increased "American standard of living".
This increased standard of living only came through due to increasing wages for the common man and average citizen. Between 1946 and 1960, the nation's gross product was merely doubled and because of that, this new generation of Americans was finally better off than their parents and previous ancestors. It was pointed out that about 60 percent of Americans enjoyed what the government defined as a middle-class standard of living."
In all facets of life, nutrition, shelter, income, education, and even leisure, the majority of Americans were better off. Most of these middle-class Americans now had money to spare, or used that money to enjoy the finer innovations that came along with this new standard, including television, airconditioning, and even air travel.
In the end, not only did the poverty rate in America decrease during this decade, but also the basic standard of living for the average American was drastically advanced simultaneously.
