cheriot
Joined 17 years ago
Joined 17 years ago
This looks like a really smart way for Meta to bootstrap a hardware ecosystem around Muse.
Maybe more coop programs and less class time.
Denying reality by nit picking the best data available is not useful.
Gold is a market where price moves for reasons unrelated to price level. It was stagnant for decades because rich country consumers value it less and now it's on a run as the US weaponizes the monetary system. It's just not useful to represent inflation over the last 10 years.
Housing is even worse. Unlike dollars and gold, every house is unique and in a different location. It's one of the least useful parts of CPI for the same reason it's a worse deflator on it's own.
I use CPI because it's useful, it exists, and it has less problems than the alternatives on a 10 year chart. We're not comparing to a basket of hand sewn shoes and a horse from the 1820s.
I can tell you know the topic well, but we're at the same place CPI criticism always come back to: "It's flawed, but the alternatives are worse, don't exist, or in some way not practical."
Complaining about CPI to defend using nominal values poorly is not improving the article's analysis.
Unfortunately alternative measures are worse. Gold increased in price 37% in the last year. What does that tell me about the price of groceries? Housing prices depend on government committees approving what can be built where. We have no idea what a free market would produce.
Let me inflation adjust that for you: https://fred.stlouisfed.org/graph/?g=1XUpo. Even better, as a percentage of disposable income: https://fred.stlouisfed.org/graph/?g=1XUpt
> real hourly wages, only 3%
Median usual weekly real earnings: Wage and salary workers: 16 years and over: https://fred.stlouisfed.org/graph/?g=1XUpE. Doesn't look so dire to me?
Whenever I see someone quoting economic statistics I look them up on FRED and zoom out a little. Usually I close the article at that point. The "Ongoing collusion" table in this article is interesting, though. Capitalism breaks down without competition.
There's less need to identify the most gullible when AI drops the incremental cost of responding closer to zero.
Is there any way to help the elderly navigate this shift?