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In the last 35 years, the US dollar has lost 60% of its purchasing power. https://www.bls.gov/cpi/factsheets/purchasing-power-constant-dollars.htm https://www.
by Jimmc414 1y ago
In the last 35 years, the US dollar has lost 60% of its purchasing power.
https://www.bls.gov/cpi/factsheets/purchasing-power-constant-dollars.htm https://www.bls.gov/cpi/factsheets/purchasing-power-constant...
- paulpauper 1y agoThis would be true if you left your $ in a vault or mattress ,which no one does. It also fails to take into account utility. How does one put a dollar value on a $10-30 GPT-4 pro subscription? Where does this fit in the 'dollar losing value' paradigm?
- pton_xd 1y agoRight, a burger and fries is $15 but a ChatGPT pro subscription is only $10, life is good!
- alabastervlog 1y ago2030: “Well a loaf of bread is $50 but a loaf of mostly-sawdust is $10 so we’ll sub that in the basket of goods as equivalent; the median house is $2m but girlfriend chatbots are too cheap to meter. Looks like yet another year of low consumer price inflation!”
- XorNot 1y agoI don't know why this example gets presented as absurd all the time. Food is a vital good. If you have a population with a certain calorie demand and don't have enough calories, in 3 months you no longer have the population. Food: you literally die without it. ChatGPT: nothing of value is lost. Look at your iPhone and realize that in any desperate situations, the burger and fries gets more and more valuable.
- pavlov 1y agoExactly. Modest inflation is good because it encourages investment. Japan suffered fifteen years of deflation starting in the early 1990s. It wasn’t an economy anyone should envy.
- chrisoverzero 1y ago> How does one put a dollar value on a $10-30 GPT-4 pro subscription? I’d estimate it at somewhere in the region of $10–$30, personally.
- oceansky 1y ago[flagged]
- justinzollars 1y agoGold. Which qualifies as a tier 1 asset in our Banking System.
- oceansky 1y agoAsset and commodity, not a currency today.
- justinzollars 1y agoWrong, Its literally defined as a tier one asset by our banking system.
- LPisGood 1y agoHow does that compare to other major currencies?
- dehrmann 1y agoIsn't that just 2.x% inflation?