Inflation, or cost of living raise imply's that you are simply doing the same entry level job for 24 years and you never ever got a real raise. Never got a single promotion, or moved companies to a better job. And started at a below average wage. Of course this is a good deal for that person.

If you want to be that person, you should totally support this plan or one like it. However, if you'd prefer to be even a little bit successful, this plan doesn't turn out as good. The math works quite differently if you start out at a better wage, as I imagine most people on HN did. It also works differently if you ever get a promotion in 24 years.