3 ms·

>"First, young people make a lot more than they did 10 years ago (both nominally and inflation adjusted)." I need a source on this, like [1], and I need you to

>"First, young people make a lot more than they did 10 years ago (both nominally and inflation adjusted)." I need a source on this, like [1], and I need you to also share the cost-of-living average increases, which PLAINLY show that despite wages increasing, the increasing costs for goods and services within that same time period have outpaced wage increase percentages [2][3]. And don't be a typical HN-crowder and say ANYTHING about wages in our industries — it's white-collar work, and a functioning society sees to accomplishing an ever-progressing standard of living for members in ALL sectors of the status-quo 'bell curve'. Shit, even average household income is down 2k from 6 years ago [4] 1 - https://fred.stlouisfed.org/series/CEU0500000003 https://fred.stlouisfed.org/series/CEU0500000003 2 - https://fred.stlouisfed.org/series/CSUSHPINSA https://fred.stlouisfed.org/series/CSUSHPINSA 3 - https://www.kff.org/health-costs/press-release/annual-family-premiums-for-employer-coverage-rise-7-to-average-25572-in-2024-benchmark-survey-finds-after-also-rising-7-last-year/ https://www.kff.org/health-costs/press-release/annual-family... 4 - https://fred.stlouisfed.org/series/MEHOINUSA672N https://fred.stlouisfed.org/series/MEHOINUSA672N

mgraczyk 1y ago
Any source will do, here is the Atlanta fed https://www.atlantafed.org/chcs/wage-growth-tracker https://www.atlantafed.org/chcs/wage-growth-tracker Click "age" Then compare to price levels. Wages have outpaced price levels for this age group significantly Here's men 16-24 showing 20% increase after CPI adjustment https://fred.stlouisfed.org/series/LEU0252882200Q https://fred.stlouisfed.org/series/LEU0252882200Q EDIT: the data you shared is not specific to "young people", that's why it's different. While everyone's wages are up over the last 10 years relative to prices (according to the data you shared), young people have gained much more
- HaZeust 1y ago
  Rent, household items, cost of external activities, and health insurance (sometimes, see parents' insurance plans) are still subject to that group - which my sources show clear outpacing for - even with youth's increase in wages. For someone that lives with their parents and works full time, yeah - they've probably never had it better. But a lot of youth right now have expenses drawn out in such a way where, even if they're making more than their predecessors, they have less upwards mobility for today, let alone any potential to invest in assets that afford them any upwards mobility in the future.
  - wilg 1y ago
    CPI inflation adjustment accounts for this, that's the purpose of it. You're trying to bend the data to your pre-existing beliefs.
    - HaZeust 1y ago
      While correct, CPI-U is still an average. The spending mix of a young adult runs differently, and recent Fed work shows inflation isn’t uniform by group, with younger age groups often higher post-2021. So CPI-adjusted can still overstate how far a young renter’s paycheck goes.
      - wilg 1y ago
        Of course it's an average, again, that's the point. Thats how you make generalizations about what's going on.
        HaZeust 1y ago
        Saying: >"Thats how you make generalizations about what's going on." Right after saying: >"You're trying to bend the data to your pre-existing beliefs. Is a little funny, but fair play.
        wilg 1y ago
        I don't see how. You are engaging in a discussion about what is generally happening, meaning aggregating data is required. If you want to have a conversation about specific people, then yes, you can find some young renter that is having problems. But that does not make it generally true.
  - mgraczyk 1y ago
    But what you are claiming is contradicted by the data you shared. When you weight the categories you listed by how much that age group spends, they still have more money (young people spend much much less on healthcare, you'd be shocked at how little they actually spend. You have to look at out of pocket costs, not provider charges which mostly not paid in full)

mgraczyk 1y ago

Any source will do, here is the Atlanta fed https://www.atlantafed.org/chcs/wage-growth-tracker https://www.atlantafed.org/chcs/wage-growth-tracker Click "age" Then compare to price levels. Wages have outpaced price levels for this age group significantly Here's men 16-24 showing 20% increase after CPI adjustment https://fred.stlouisfed.org/series/LEU0252882200Q https://fred.stlouisfed.org/series/LEU0252882200Q EDIT: the data you shared is not specific to "young people", that's why it's different. While everyone's wages are up over the last 10 years relative to prices (according to the data you shared), young people have gained much more

HaZeust 1y ago
Rent, household items, cost of external activities, and health insurance (sometimes, see parents' insurance plans) are still subject to that group - which my sources show clear outpacing for - even with youth's increase in wages. For someone that lives with their parents and works full time, yeah - they've probably never had it better. But a lot of youth right now have expenses drawn out in such a way where, even if they're making more than their predecessors, they have less upwards mobility for today, let alone any potential to invest in assets that afford them any upwards mobility in the future.
- wilg 1y ago
  CPI inflation adjustment accounts for this, that's the purpose of it. You're trying to bend the data to your pre-existing beliefs.
  - HaZeust 1y ago
    While correct, CPI-U is still an average. The spending mix of a young adult runs differently, and recent Fed work shows inflation isn’t uniform by group, with younger age groups often higher post-2021. So CPI-adjusted can still overstate how far a young renter’s paycheck goes.
    - wilg 1y ago
      Of course it's an average, again, that's the point. Thats how you make generalizations about what's going on.
      - HaZeust 1y ago
        Saying: >"Thats how you make generalizations about what's going on." Right after saying: >"You're trying to bend the data to your pre-existing beliefs. Is a little funny, but fair play.
        wilg 1y ago
        I don't see how. You are engaging in a discussion about what is generally happening, meaning aggregating data is required. If you want to have a conversation about specific people, then yes, you can find some young renter that is having problems. But that does not make it generally true.
- mgraczyk 1y ago
  But what you are claiming is contradicted by the data you shared. When you weight the categories you listed by how much that age group spends, they still have more money (young people spend much much less on healthcare, you'd be shocked at how little they actually spend. You have to look at out of pocket costs, not provider charges which mostly not paid in full)