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Re:How Far Does $1 from 1999 Go Today? by onlyrealcuzzo on Monday October 16, 2023 @08:35AM (#37898971)
> Food has gotten insanely expensive in that time.

> Anecdotally, I can remember a burger at a restaurant was about $6 in 1999. Now average seems to be 15 to 20.

When you go to a restaurant, you're mostly buying labor.

It's not a good benchmark for food prices.

Re:How Far Does $1 from 1999 Go Today? by HarryHirsch on Monday October 16, 2023 @09:07AM (#37899324)
When you go to a restaurant, you're mostly buying labor

Wages have stagnated, but rent and energy has gone up. It's mostly the rent that you are paying for when you eat out.

Re:How Far Does $1 from 1999 Go Today? by zdragnar on Monday October 16, 2023 @09:45AM (#37899836)
Maybe where you are. Service industry job wages have all gone up significantly since pre-covid where I live.
Re:How Far Does $1 from 1999 Go Today? by steveBK123 on Monday October 16, 2023 @09:54AM (#37899932)
Wages have not stagnated. It's been a defining feature of our COVID inflation that inequality stats have gotten better.

Specifically in HCOL coastal cities, we've seen increases to minimum wage, adjustments to the "tipped minimum wage" laws that mean business needs to cover more of the wage, and finally.. labor shortages causing restaurants to pay over even those increased minimums.

It wasn't long ago NYC minimum wage was under $10/hr, with "tipped minimum" being $7/hr. Now you have some restaurants paying $20/hr to get staff.

Re:How Far Does $1 from 1999 Go Today? by onlyrealcuzzo on Monday October 16, 2023 @10:04AM (#37900049)
Personal income has not stagnated in constant terms (or real terms): https://united-states.reaproject.org/analysis/comparative-tr...
Re:How Far Does $1 from 1999 Go Today? by nonethewiser on Monday October 16, 2023 @09:08AM (#37899352)
> It's not a good benchmark for food prices.

I don’t think the original comment depended on this being a good benchmark for food prices. Paying more for labor is also part of inflation.

Re:How Far Does $1 from 1999 Go Today? by oceanplexian on Monday October 16, 2023 @09:56AM (#37899955)
It’s not anecdotal, search online for old copies of menus from popular chain restaurants.

Inflation has been retconned (i.e “Burgers were always $15, what are you talking about?”) They don’t want you to notice as your wealth is slowly stolen through the loss of purchasing power.

Re:How Far Does $1 from 1999 Go Today? by frozenport on Monday October 16, 2023 @10:22AM (#37900240)
Good. I don’t want a society where people can sit on wealth.
Re:How Far Does $1 from 1999 Go Today? by FredPret on Monday October 16, 2023 @10:45AM (#37900558)
Have fun retiring
Re:How Far Does $1 from 1999 Go Today? by galangalalgol on Monday October 16, 2023 @10:52AM (#37900647)
The gp used poor terminology. Inflation doesn't impact wealth nearly so much as income. The idle rich draw their income from capital gains on investments in the things that are becoming more expensive and are largely non negotiable. People must spend wages on shelter food energy and probably transport. They will pull back on things they enjoy but cannot afford now. The wealthy will continue to purchase what they want when they want. That is why selling high end luxury goods is a much more stable option than selling thebthings that are luxuries for those who get their income from wages.
Re:How Far Does $1 from 1999 Go Today? by onlyrealcuzzo on Monday October 16, 2023 @01:10PM (#37902955)
> The idle rich draw their income from capital gains on investments in the things that are becoming more expensive and are largely non negotiable. People must spend wages on shelter food energy and probably transport.

Wages have gone up in real terms (how the fed measures inflation). Food, energy, & transport have slightly under-performed inflation.

i.e. there's no way to slice it - the average laborer can afford more food & labor now than in the past.

The linked site differs from Case Shiller - saying that housing has also under-performed inflation. I'm interested how they arrived at that.

Housing is the real problem - and the vast, vast majority of housing in the US is owned by individuals and mom-and-pop investors, not corporations & billionaires.

The idle rich cannot be blamed for our problems in housing - though they can be blamed for other things. On housing, we can only blame ourselves, voting aggressively to curtail development at every opportunity.

Re:How Far Does $1 from 1999 Go Today? by galangalalgol on Monday October 16, 2023 @03:38PM (#37905202)
I'm suspicious of the food numbers too. The CPI substitues things like hamburgers for pot roast. The price of a healthy diet has increased, the price of a dose of Soylent green is less than the price of what a healthy diet used to be. And I think that is what they are reporting.

Energy is cheaper, but we need more of it with years of back to back escalating extremes for both heating and cooling. Moving somewhere that isn't an impact gets into the housing issue.

And then medical and education are out of control.

Re:How Far Does $1 from 1999 Go Today? by EVa5I7bHFq9mnYK on Monday October 16, 2023 @12:36PM (#37902407)
You are living in such a society. People who bought BRKA shares 55 years ago and just sat on their asses have done immensely better than those who worked their asses off.