Factually Wrong: Middle Class in the 1920s

By most definitions, the US in the 1920s definitely had a middle class. The families that bought high-tech appliances, such as vacuum cleaners and electric fridges, obviously had extra money (not poor) and cared because they didn’t have servants (so not rich). The stock market boom was fueled by people who could afford to save.

h/t Arbogast Holmskragga


Hard Work and Wealth

The implication of the picture is that people get wealthy through using third world labor to produce commodity goods, such as clothing. But commodities businesses aren’t a good way to get wealthy. They are dominated by a few large companies, and unless you can come up with such an amazing efficiency improvement that you can undercut their prices you’ll lose. It has been known to happen, but it is rare.

The people who make a lot of money tend to open businesses that provide value in a new and differentiated way, such as tech startups. Successfully running one of those is hard work.