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re: Is one major cause of wealth disparity a poor rate of return on social security?
Posted on 5/29/14 at 9:33 am to NC_Tigah
Posted on 5/29/14 at 9:33 am to NC_Tigah
quote:
Do you have another?
You can't simply look at prices for inflation, you have to look at value.
It used to be that 'durable goods' were durable. Not so much any more.
So a refrigerator that may have gone for $100 in 1970 may have lasted you a lifetime, whereas a refrigerator you buy today for $1,000 may only last 20 years so that you end up having to buy two refrigerators these days for $2,000 rather than 1 for $100.
Value isn't considered in inflation numbers.
And that's just one example of how inflation numbers don't tell the whole story about price increases. The numbers can also be kept down by skewing the total with a bunch of cheap consumer crap that no one needs, while necessities may be increasing at a rate above the average. Health care for example.
Posted on 5/29/14 at 9:41 am to WildTchoupitoulas
quote:I fully agree with this. I firmly believe poor quality has been a very effective way to hide inflation.
It used to be that 'durable goods' were durable. Not so much any more. .... Value isn't considered in inflation numbers.
That said, many goods that were once unattainable, are now widely available. And that has the opposite skew to the numbers. A simple calculator was several hundred dollars in 1970. Now.. 79 cents.
Having a car with automatic xmission and power windows meant you were a high roller in 1970. Today, you can't hardly buy a car with a stick and roll up windows.
I'm old enough to remember the mid 70s. I see the argument that we aren't generally much wealthier as unsupportable.
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