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by psadauskas
49 days ago
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Just "adjusting for inflation" isn't good enough. Minimum wage was $4/hr. Now its $8. An elementary school custodian could afford a mortgage, a car, support a family of 4 and go on vacation on just that single income. They had healthcare and a pension. You could work over the summer and pay for a year of college at a state school. Yes, the house now is more energy efficient. The car is safer. But if the price of everything went up 4x-10x, and the median income only went up 2x, AND you have to pay for more things that used to be included, then everything is more unaffordable, inflation be damned. |
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Inflation-adjusted wages have been at worst stagnant. Inflation-adjusting prices is necessary for these comparisons to be meaningful at all.
This is a website for engineers, you should be embarrassed to be posting these completely innumerate comments.