Summers: Inflation Reached 18% in 2022 Using the Government's Previous Formula

Re:Summers: Inflation Reached 18% in 2022 Using the Governme... by woodruffw on Saturday April 13, 2024 @06:15PM (#40026639)

> Which isn't a lot in the FAANG world, but the point is that a very average not-very-smart person was able to provide for that many people back then

They weren't. The average household income in the 1960s (i.e., from a single breadwinner) was supporting a household of 3-4 people not 6[1][2]. The claim that you could support a family of 6 on a single breadwinner's income in 1960 and achieve anything close to 2024's quality of life is an egregious misrepresentation by the GGP.

[1]: https://www.statista.com/statistics/183657/average-size-of-a...

[2]: https://www.statista.com/statistics/183648/average-size-of-h...

[ Parent | on HN ]

Re:Summers: Inflation Reached 18% in 2022 Using the Governme... by fragmede on Saturday April 13, 2024 @10:50PM (#40028278)

I mean, lower it to 4, the EPI calculator still gives $100k. Are there that many jobs paying that for someone who's pretty average in Cincinnati?

[ Parent | on HN ]