A Boring Dystopia

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Shows how out of control inflation is (lemmy.world)

submitted 10 months ago by STRIKINGdebate2@lemmy.world to c/aboringdystopia@lemmy.world

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[–] Dmian@lemmy.world 58 points 10 months ago* (last edited 10 months ago) (5 children)

This article says these numbers are not correct: https://www.politifact.com/factchecks/2023/dec/14/instagram-posts/heres-how-much-kevin-mccallisters-home-alone-shopp/

To be considered: minimum wage in the US in 1990 was $3.80/h, and it's $7.25/h in 2023, so 1.91 times higher. If $1 of 1990 equals $2.42 of 2023 (because of inflation), minimum wage should be $9.20/h to have the same purchase power as 1990.

[–] kromem@lemmy.world 9 points 10 months ago

From that article:

Not adjusting for inflation and differences in packaging sizes results in a higher total of $72.63.

So not adjusting the $1 coupon for inflation and not adjusting for things like the smallest TP package today being 6 rolls and the one in the movie being 4 rolls gets awfully close to (actually over) the number from the image.

Given you can't purchase partial container sizes at stores and coupons still tend to come in full dollar amount values including frequently $1 and don't have terms that adjust for inflation, I don't think one methodology here is inherently more correct than the other.

[–] ironeagl@sh.itjust.works 8 points 10 months ago

But then it states "Today’s prices are about 2.35 times higher than the average prices were in 1990, according to the Bureau of Labor Statistics."

[–] Dagwood222@lemm.ee 2 points 10 months ago

This is something I've been saying for years. People use Inflation Adjustments that show that, say $1 million in 1970 is $10 million today But the reality is that $1 million in 1960 was a vast fortune that would purchase a Manhattan townhouse, a few super cars, and a dozen small businesses. $10 million today will buy you a decent life, but not staggering wealth.

[–] RIP_Cheems@lemmy.world 1 points 10 months ago (1 children)

I thought minimum wage was 15/h?

[–] stevehobbes@lemy.lol 12 points 10 months ago* (last edited 10 months ago)

Some localities and states. Federal minimum wage is $7.25.

https://www.dol.gov/agencies/whd/mw-consolidated