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

Re:Summers: Inflation Reached 18% in 2022 Using the Governme... by listenallyall on Saturday April 13, 2024 @09:06PM (#40027784)

I never understand the "in X dollars" argument, especially when looking back longer than about a decade. The CPI only considers a certain basket of goods, it's not representative of a cost of living (that's what this thread is about), various things change price at radically different rates.

How much was an iPhone or Xbox in 1960 dollars? What was the typical cable TV bill? What did a typical American pay for a California roll or a burrito in 1960? Alternatively, given your 10x price boost, why isnt the cost of a television set or vacuum cleaner in the multiple thousands?

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Re:Summers: Inflation Reached 18% in 2022 Using the Governme... by tastyfreeze on Sunday April 14, 2024 @03:20AM (#40029309)

The comparison doesn't work on manufactured products. You can really only compare commodities.

Anything that is manufactured has a multitude of factors that will reduce cost of a product significantly over time. If the circuitry in an Xbox were constructed in 1960 no government on the planet would have been able to afford it. It would also be difficult to find enough power to run it or a place big enough to build it with the technology of the time.

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Re:Summers: Inflation Reached 18% in 2022 Using the Governme... by listenallyall on Sunday April 14, 2024 @11:50AM (#40031983)

Yes, that is, in part, the point I was making

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