This is probably the first article on HN I wish I could downvote. Excluding inflation is super disingenuous.
We may be spending more, but it's on the order of 3-5% more (not counting debt spending), with the remainder of the income gain being wiped out by inflation.
I will say the exercise analogy is actually very correct though. Income gain helps very little at all with wealth since it helps very little at all due to inflation.
We may be spending more, but it's on the order of 3-5% more (not counting debt spending), with the remainder of the income gain being wiped out by inflation.
I will say the exercise analogy is actually very correct though. Income gain helps very little at all with wealth since it helps very little at all due to inflation.