For the average American family...
In the 1950's food was the largest budget item at 29.7%.
In the 1960's it was 24.3%
In the 1970's it dropped to 19.3%
In the 1980's only 15%
In the 1990's 13.8%
In the 2000's a meager 13.1%
How can that be, when it costs so much to go to the supermarket these days?
Because the average income went from $4,287 to $50,302.