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Well said, and the easiest metric you could look at w/r/t cost-of-living is the average income : house price ratio. What was once withing reach for most educate
by TuringNYC 8y ago
Well said, and the easiest metric you could look at w/r/t cost-of-living is the average income : house price ratio. What was once withing reach for most educated workers is now often a fantasy for the rich. Unfortunately it is also what the lion's share of paychecks is often spent on.
- daniel_levine 8y agoReal GDP per capita covers this. Inflation encompasses cost of living. https://fred.stlouisfed.org/series/A939RX0Q048SBEA https://fred.stlouisfed.org/series/A939RX0Q048SBEA Missing a breakdown by quartile, but it's the right metric
- r00fus 8y agoDoes GDP per capita actually compare to median income? Sounds more like it uses mean income which is skewed by extremes (e.g. high earners).
- aylmao 8y agoThis. An incredibly rich top 0.1% percent could skew GDP per capita a lot, but a happiness index not so much. Simplifying things to the extreme, take 100 people where half of them earn $1 and are unhappy and half $2 and are happy. Give one person a $150 raise-- you just doubled the GDP but at best increased happiness by 1%. It is no secret that a small percent of people have been getting very rich [1]. [1]: https://money.cnn.com/2011/02/16/news/economy/middle_class/index.htm https://money.cnn.com/2011/02/16/news/economy/middle_class/i...