Comment by zamadatix
3 days ago
You're correct, but for some reason heavily downed at the moment (Edit: no longer the case!). Relevant excerpt backing this up:
> the sugar industry paid the Harvard scientists the equivalent of $50,000 in 2016 dollars
I.e. it was something more like 6k-7k in terms of dollars at the time of payment.
Did you know the average bribe accepted for a politician is something like 5K (This was from a few years back so probably higher now). So yeah this is totally within bribe limits.
As a unrelated note it really is depressing to think about how easy it is to buy off politicians and how much money the bribers have vs an average person.
Average home price in the late 60s was 25k so even if it is equivalent to $50k in 2016 dollars, 25k could still get you further than today in some specific areas.
Some clarification as the actual numbers and the random 25k number keep getting compared to the wrong contexts in this chain (it originally arose as a misunderstanding that the 50k was already in terms of 2016 dollars instead of the original 1960s payment https://news.ycombinator.com/user?id=CodeWriter23):
~$6,000-$7,000 is the amount the researchers were paid off with in the mid 60s. This is roughly equivalent to ~$50,000 in 2016 when using CPI-U figures.
$25,000 in the mid 60s would be equivalent to ~$193,000 by the same measure, and does not relate to $50,000 in 2016 in any way.
But your core point that the items in the CPI-U basket do not adjust equally, which is why it's a basket in the first place. Median housing price in 2016 was ~$300,000, so ~$193,000 is a bit of variance... but not nearly as much as mixing the numbers from the different comparisons made it sound.