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There have indeed never been more millionaires, because the bar keeps getting lower and lower. A million today inflation adjusted backwards was $143k in 1970.
by Clewza313 5y ago
There have indeed never been more millionaires, because the bar keeps getting lower and lower. A million today inflation adjusted backwards was $143k in 1970.
- NoblePublius 5y agoA 32 inch LCD TV was $15,000 when I was in high school; today it is $79. Encyclopedia Britannica was $8000; today Wikipedia has more content and is more accurate and is instantly and universally accessible to everyone everywhere through a pocket-sized device obtainable for $100 and $20/month.
- mister_tee 5y agoAdvancing technology is great, and yes, economically deflationary. Some less creature-comfort things unfortunately have outpaced wages in the US: housing, education, and health care coming in at #1. Granted, we have medicines and technologies we did not before.
- achenatx 5y agoEducation is essentially free on the internet. You cant get a diploma from a fancy university, but the knowledge is available. Housing costs are high in some areas, but still incredibly low in others. The internet has enabled knowledge workers to work remotely so they can live in low cost areas.