Quote:
Originally Posted by Bill14564
Does it *feel* like wages are keeping up with inflation? Probably not. Do people's feelings generally track with reality? No. But think about how much "stuff" we absolutely need and can afford today compared to what we had when we were growing up. My family had one television and a record player. Vacations were camping in a tent and later a pop-up trailer. I spent most of my summer riding my bicycle or running around with friends. Today, multiple flat-screen smart TVs with a sound system are essential. We pick which country we are going to fly to for vacation and make hotel reservations (or splurge on Disney). It is nearly impossible to get kids off their devices (phones, tablets, gaming consoles) to get them outside. My parents didn't amass a huge bank account with the money they saved by NOT buying the things kids have today while today's parents are usually able to save a little even after buying all of today's "necessities." How can that be if wages have not increased faster than inflation and are now able to buy more?
Note: Not an economist, just someone who can google data, add numbers, and remember what constituted a good standard of living a few decades ago.
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Awesome, you can now watch everything collapse on a 65" screen while you starve to death! /s
Technology, not wage growth has enabled this phenomenon. Big screen TVs are way cheaper than when they fist came out. So are computers. Big whoop. These are one-time purchases you make maybe every 5 years. Gotta buy food every week to survive, and those prices are on a rocket ship to the moon.