No, this is not a joke. Individuals and families in 2006 are attempting to live on 1967 inflation-adjusted median wages. On January 22, I found an article in The Chicago Tribune entitled: We're not Ready for an Economic Hurricane, Either. Always interested in these types of stories, I began reading. To my amazement, I found the following excerpt buried deep within the content and stated matter of fact.

"Inflation-adjusted median wages today have fallen back to 1967 levels, according to Department of Labor statistics. The only way for the typical American family to maintain its living standards has been to spend down its savings, double its outstanding household debt since 1992 (after adjusting for inflation), according to The Wall Street Journal, and often send a second wage earner into the workforce.”

Geez, it seems to me that this revelation would be a front-page story in huge, bold letters! I assume that the media would want to scoop such an impactful disclosure and let people know that they are not going crazy after-all! Wouldn't the media want to write at length about how this shocking fact points to the systemic nature of the personal finance challenges today and not simply to irresponsible consumer spending? Wow, what a story!

But alas, I ask myself: Am I the only one shouting from the rooftop that there's something wrong with this economic picture and that traveling down the same personal finance tunnel (earning, spending, saving and investing) will no longer produce the desired "cheese” at the end? Maybe so.

I believe it was Albert Einstein who said you cannot solve a problem at the same level it was created. When translated to the search for solutions to financial difficulties faced by so many, it means this: To continue to promote the supposed tried and true conventional wisdom regarding how to earn and mange money in light of today's economic reality

New personal finance strategies must intervene to reduce the hardships brought on by the obvious need for increasing amounts of credit use. Without them, the future looks bleak for everyone who does not fall into the top 25% income bracket. Read my lips: Debt slavery will become "normal”. For many, it already has.

What's more not only are Americans today making 1967 level (adjusted for inflation) median wages, but in 2005 they also spent 39 billion more than they earned! (Wall Street Journal, January 3, 2006) When these two recent statistics are put side-by-side, the writing on the wall becomes even harder to miss.

That being true, I'm thinking these stunning disclosures will never become the stuff of a top story because those who collect the interest on your payments want to keep it that way! They are happy campers who spend lots of advertising dollars to secure the way you think about wealth. Ultimately, you have to ask yourself: Who benefits from CitiBank's "Live Richly” campaign anyway?

Martin Luther King once said, "When the slaves get together, that's the beginning of getting out of slavery.” To that, I add: When the debt slaves get together, that's the beginning of getting out of the debt-based lifestyle.

Any takers?