U6 Part4 B1

Woman 1:
Another economist and author, however, sees a positive side to the increased prosperity of Americans. W. Michael Cox is the vice president of the Federal Reserve Bank of Dallas, Texas. And his book is entitled Myths of Rich and Poor. Mr. Cox disputes the widely held notion that there’s a huge gap between the rich and poor in America. He says all Americans are better off than they were 30 years ago.


Woman 2:
Technological advances have created hundreds of gadgets that did not exist 30 years ago. Mr. Cox contains in his new book, appliances like cellular and cordless phones, computers, answering machines, microwave ovens. He says these new inventions make life today both easier and more pleasurable. And he says these conveniences are available to a broader cross-section of the general public in the United States than in any other country in the world. That’s because improvements in productivity and the openness of the U.S. market have made them affordable for just about anybody.


Cox:
Today of all the people in poverty in America, almost 3/4 have washing machines, half have clothes dryers, 97% have color televisions, 3/4 have VCRs, 2/3 have microwaves and air conditioners, 3/4 own their own automobile, 40% own their own home, half have stereo systems.