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A comment on Summers: Inflation Reached 18% in 2022 Using the Government's Previous Formula. Parent comment

Re:Summers: Inflation Reached 18% in 2022 Using the Governme... by czhu12 on Sunday April 14, 2024 @01:56PM (#40032946)
As a counter point, this post by Matthew Yglesias might be interesting. Basically makes the case that the standard of living today is significantly higher than back then, and we wouldn’t be okay living today like we did back then.

https://www.slowboring.com/p/nostalgia-economics-is-totally-...

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Re:Summers: Inflation Reached 18% in 2022 Using the Governme... by tonymet on Monday April 15, 2024 @12:17AM (#40037032)
sure but when you add it up it doesn't feel like much. an additional car and some luxuries.

And it doesn't account for qualities that have degraded. it assumes that since we have more possessions that life is better.

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