Comment by Gud
4 days ago
I wouldn't call it "some inflation". The living standard of the western middle class has been on the decline for a long, long time.
4 days ago
I wouldn't call it "some inflation". The living standard of the western middle class has been on the decline for a long, long time.
No it hasn't.
Expectations are higher, competition is stiffer, and the gap between bottom and top end has grown, but by and large (especially in the US), the middle class quality of life has gone up.
Obviously specific regions that failed to transition out of low value-add manufacturing and agriculture have suffered, but the vast majority of Americans live in cities doing or supporting high value work.
It's not even competition anymore. It's a screaming void that deafens everyone, causing them to reach for the nearest "acceptable" thing just to quiet the endless cacophony of human struggling.
> the middle class quality of life has gone up.
As long as you don't try to buy a house.
I see kids, right out of college, making more than I ever made, at the peak of my career, unable to afford a house.
Yes this is a big problem but a large part of this is the total elimination of starter homes from the market. I.e. they would be able to afford the types of homes that earlier generations started in, but those homes simply don't exist anymore.
It's kind of a quality of life degradation, but it's a bit more complex than just "an attainable item is no longer attainable." It has never been normal to buy a 2600 sqft, 4 bedroom home at the start of a career.
8 replies →
> I wouldn't call it "some inflation". The living standard of the western middle class has been on the decline for a long, long time.
IMHO the main problem nowadays, especially facing young people, is housing.
Otherwise there is probably never been a greater time to be alive, generally speaking, than right now. If you believe there is, can you outline the year(s) in question and how they were better?
As for inflation, using Bank of Canada numbers (since I'm in CA), $100 of goods/services from 1975-2000 increased by 220% to $320.93, while $100 of goods/services from 2000-2025 increased by 71% to $171.22.
In a 2014 article, CPI from 1914 to 2014:
* https://www150.statcan.gc.ca/n1/pub/62-604-x/62-604-x2015001...
From 1955 to 2021:
* https://economics.td.com/ca-inflation-new-vintage
1971-76 and 1977-83 had double the CPI of ~2021.
While unpleasant, and higher than that of what many young(er) people have experienced, it is hardly at a crazy level. The lack of people's experience of higher rates is simply more evidence as to how stable things have generally been:
* https://en.wikipedia.org/wiki/Great_Moderation
Tom Nichols argues that it is boredeom that's the problem: people want some excitement and are willing to stir the pot to get it:
* https://www.usatoday.com/story/opinion/2021/08/19/donald-tru...
No, you've just fallen victim to the hedonic treadmill.