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Comment on People who say 'the rich get richer, the lazy live for free, and the middle class pays for it all' don't realize how expensive it is to be rich and how close middle class is to being below the poverty line.

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DagwoodIII@piefed.social ⁨1⁩ ⁨week⁩ ago

“Adjusted for inflation” is a pretty silly term. It might mean something in an economics class, but it’s nonsense if you try to apply it to the real world.

$1 million in 1960 would buy you an estate in Beverly Hills, a townhouse in Manhattan, a few luxury cars, and you’d have enough left over to invest and live comfortably forever.

$11 million today might get you a bungalow in a pricey neighborhood.

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Perspectivist@feddit.uk ⁨1⁩ ⁨week⁩ ago
I don’t see what’s silly about it. It’s the purchasing power that matters - not the numeric value.

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- DagwoodIII@piefed.social ⁨1⁩ ⁨week⁩ ago
  That’s exactly the point I was making.
  
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  - Perspectivist@feddit.uk ⁨1⁩ ⁨week⁩ ago
    So it makes sense to adjust prices for inflation because the numeric value itself doesn’t illustrate the purchasing power accurately.
    
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    DagwoodIII@piefed.social ⁨1⁩ ⁨week⁩ ago
    That’s exactly the point I was making.
    
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