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There are nominal wages, real wages, and real real wages. Real real wages have drastically reduced. Economists think that being able to afford six iPhones and a
by immibis 1y ago
There are nominal wages, real wages, and real real wages. Real real wages have drastically reduced. Economists think that being able to afford six iPhones and a 4K TV offsets not being able to afford rent, but it doesn't. Economists will also assert that since a 4K TV (with 25 times as many pixels as SD) costs $200, an SD TV costs $7.99 for the purpose of inflation calculation.
- CalRobert 1y agoDefinitely. Also they point out that houses are bigger now but at the same time we stopped building small ones so it’s not like buying a cheaper thing is actually an option.