Economic historian and Nobel Laureate Robert Fogel considers statistics like these and concludes:

"Indeed, we have become so rich that we are approaching saturation in the consumption not only of necessities, but also of goods recently thought to be luxuries...Virtually everyone who is old enough and well enough to drive a car has one. In the case of television, there are 0.8 sets per person (2.2 per household)...The level of saturation for many consumer durables is so high that even the poorest fifth of households are well endowed with them."

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