Mark writes:

So why, relatively speaking, were planes so much cheaper
back in the 1970's? I don't think it was supply and demand
but I could be wrong.

Most things were cheaper in the 1970s, relatively speaking. As I recall,
American buying power peaked not long before the first oil crisis in 1973. It
has been drifting downwards ever since.

Maybe not but with globalization of the world economy I
wouldn't be suprised to see China step up to the plate and
fill this niche.

Private pilots are rare even in the countries with the strongest private
aviation sectors. I don't know if China has any private pilots at all. The
Chinese like huge markets, and I doubt that there is a huge market for any
kind of private aircraft today, inside or outside China.