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re: If inflation remained average and constant since 1976, the avg home price = 137,400 today
Posted on 7/13/24 at 2:31 pm to theunknownknight
Posted on 7/13/24 at 2:31 pm to theunknownknight
quote:Are you confusing media with average?
2. The median household income today is inflated by ALOT because the top 1% today pulls the number well above the actual for those in the bell curve. Remove that outlier and the median income drops to 50k.
0
Posted on 7/13/24 at 2:35 pm to Scruffy
quote:While at the same time, food and energy expenditures as % of household income have plummeted.
Rent has increased to such an insane percentage of income that even that is getting out of hand.
I don't see much mention of either of those in these threads. If anything, people bitch about oil being high - but if we run the same type of analysis on oil, we'll see that oil is WAY cheaper than it was in 1975 or whatever.
Airline travel is much cheaper too.
Not to mention the level of medical technology your medical dollars spent give you compared to the stone age of 1970s.
etc.
Posted on 7/13/24 at 2:37 pm to Obtuse1
quote:Thank you for injecting some sanity.
You argue the bones are better but fasteners are better (glued nails now in 99% of construction stick construction), engineered trusses are stronger and more accurate, and the list goes on. In most places the 70s were the nadir of quality homes. I could break down almost every single building material and they almost all have seen increases in quality from what was used in the average mid-70s home. In general, the quality of the actual lumber has gone down but outside of that the materials are almost all better by significant margins. I won't even mention the number of homes from the 60s to mid-70s with aluminum wiring in them.
I like the threads that show crowds of teens in the 70s not being a bunch of fatasses and I am fully on board. But we can't just make shite up about other things from that time period.
Posted on 7/13/24 at 2:41 pm to Jcorye1
quote:
Bush and Trump spent massive amounts of money too. It's the ruling class, don't get it twisted.
Trump was sabotaged from day one, Bush was a military industrial complex corporatist -and really not much if a right winger.
Posted on 7/13/24 at 2:44 pm to Strannix
quote:
Trump was sabotaged from day one, Bush was a military industrial complex corporatist -and really not much if a right winger.
Trump was a major advocate for the Vaccine, tho...
Posted on 7/13/24 at 2:53 pm to theunknownknight
Healthcare, education/childcare, housing, food all rising faster than inflation. If we could just live in our TVs we'd have it made 
Posted on 7/13/24 at 2:56 pm to theunknownknight
Federal Reserve and then coming off the Gold Standard are what caused this.
Posted on 7/13/24 at 3:04 pm to Dragula
quote:
Trump was a major advocate for the Vaccine, tho...
Lol do you know who you are talking to kid?
Posted on 7/13/24 at 3:09 pm to Obtuse1
quote:
You can buy an 85" UHD TV now for fewer actual dollars than you could buy a decent 25" console TV in 1976. Building material science had changed a lot in the last 50 years you may not have noticed if you haven't dug around in a 1970s house and/or haven't paid attention to modern homes. It is really hard to make and apples to apples comparison between 1976 homes and 2024 homes. A lot of things are better now and a lot of things are worse.
My argument was that you cannot compare single family homes with televisions in this argument.
Posted on 7/13/24 at 3:27 pm to theunknownknight
quote:
Pull directly from a google search from the last 20+ years Another search said 2.5% over the last 30 years Investopedia also provides numbers since 1929 here you can reference that show it is around 2.5 or less as a baseline.
My question wasn’t how to look up inflation stats, just use FRED for that. I wanted to know what time frame you were using to make that statement.
The reason I asked is if you didn’t include all the years from 1976, and you clearly hadn’t, what years did you use and why did you pick a different time period?
Really your statement read in a vacuum is if inflation remained constant since 1976…which would have actually resulted in the average home prices being around 500k. This is because the average rates of inflation in 1970s and 80s were significantly higher than 2.5%.
So, I was thinking maybe he meant if inflation rates had remained consistent with rates before 1976 vs since 1976.
This post was edited on 7/13/24 at 3:29 pm
Posted on 7/13/24 at 3:31 pm to Obtuse1
quote:
You can buy an 85" UHD TV now for fewer actual dollars than you could buy a decent 25" console TV in 1976. Building material science had changed a lot in the last 50 years you may not have noticed if you haven't dug around in a 1970s house and/or haven't paid attention to modern homes. It is really hard to make and apples to apples comparison between 1976 homes and 2024 homes. A lot of things are better now and a lot of things are worse.
This is known as the Baumol Effect.
Posted on 7/13/24 at 3:36 pm to theunknownknight
quote:
I think the comparison between the cost of the houses being built in the 1970s versus today is kind of a moot point considering a house is a necessity. At the end of the day the average person in 2024 is going to pay $450,000 for a house, the material reasons for that aren’t as relevant as the fact that their largest expense by far is the most egregious by far and drives down their standard of living from top to bottom.
Bingo. And cars/trucks have entered the chat now too. TVs were crazy expensive in the 70s but people worked around that by just owning one. There's not a lot of flexibility when it comes to putting a roof over your head.
Just look at how many young people today see no real hope in ever owning a house or starting a family. That wasn't the case for generations past - apart from the welfare class in housing projects and trailer parks. If you were to poll high school seniors in the 60s-80s and ask them if they thought they would ever own a house they would look at you funny. They knew they could drop out of school that day and walk over to the local factory/plant and get a job that annually paid 1/3 of the average starter home and maybe 1/2 if they hustled OT. Now they might, and frequently did, find other ways to screw up their lives but the option was always on the table
Posted on 7/13/24 at 3:37 pm to Strannix
quote:
Lol do you know who you are talking to kid?
lol are you a big deal or something?
quote:
leftists and corporatists
Corporatists… so every republican and democrat over the last 50 years???
Posted on 7/13/24 at 3:39 pm to theunknownknight
Communists are the absolute worst scum of the earth. They destroy everything that they touch. In the name of what’s good for the poor, they will destroy both the poor and the rich. McCarthy was right. They infiltrated our institutions and we are long in the hour of a Communist Revolution.
Thank you for your time
Thank you for your time
Posted on 7/13/24 at 3:39 pm to LSUtwolves
quote:
Corporatists… so every republican and democrat over the last 50 years???
Yes exactly
Posted on 7/13/24 at 3:48 pm to Dairy Sanders
quote:
Federal Reserve and then coming off the Gold Standard are what caused this.
The gold standard is to macroeconomic discussions like flat earth is to a physics discussion.
Posted on 7/13/24 at 3:54 pm to sparkinator
Your chart only goes to 2020 so doesn’t really give an accurate comparison to where we are today.
Posted on 7/13/24 at 3:55 pm to theunknownknight
Gotta print that funny money to fight all them wars and grease the palms of those legions of crooked politicians. And sitting on top of this feeding frenzy - one Joseph Robinette Biden, Jr. That nation building be expensive as heck.
Posted on 7/13/24 at 3:58 pm to PhysicsGuy
quote:
My question wasn’t how to look up inflation stats, just use FRED for that. I wanted to know what time frame you were using to make that statement.
To be clearer: I took the standard average or “expected” inflation rate of approximately 2.5% that the FED shoots for that, overtime, has occurred.
I asked the question starting in 1976 with the prices of houses: “what should the price of a house be with baseline average inflation since 1976?”
I did this to highlight the difference between the “financial model” we are always lectured on versus “reality” aka our true buying power.
I took the single largest expense and extrapolated that out to show how absurd the true costs have gotten in the modern world of necessities versus the world of our parents.
This post was edited on 7/13/24 at 4:00 pm
Posted on 7/13/24 at 4:01 pm to theunknownknight
We should definitely print more money.
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