Current Inflation Has Different Effects on Different Age Groups • Hacker News Board

Re: Current Inflation Has Different Effects on Different Age Groups

#11

Post by organsnyder » Fri, Jun 08, 2018, 6:20 PM UTC

pkaye wrote: post #8

peter303 wrote: post #7

Medical care, especially drugs, greatly increasing in price for old. 2/3rds of over 65 have at least one cintinuing prescription.

Not all prescriptions are for expensive medicines. I'd say many of them are generic drugs which cost pennies per day.

In many cases, drug companies come up with ways to keep prices high. For instance, asthma drugs are reconfigured with different delivery mechanisms that allow them to get new patents for what are essentially long-ago-discovered drugs.

For instance, the CFC ban in 2008 caused generic albuterol to go off the market: https://www.scientificamerican.com/article/unlikely-victims-...

Re: Current Inflation Has Different Effects on Different Age Groups

#12

Post by joefourier » Fri, Jun 08, 2018, 6:21 PM UTC

aphextron wrote: post #2

I feel like technology has led to such an efficient form of capitalism over the past 20 years, that there's no room left for any possibility of social mobility. It's this system where there is just enough room for you to live and get by, but never get ahead. Prices for everything are so efficiently optimized at this point that there is no more "wiggle room" for a working person to build wealth. The basic necessities…

Where do you live, and what on earth are you spending your money on? Housing may be absurdly costly in many cities but $5.5k a month after tax (assuming you're American) is enough to do much better than "barely ok" almost anywhere. Are you significantly in debt or living above your means?

Re: Current Inflation Has Different Effects on Different Age Groups

#13

Post by drcode » Fri, Jun 08, 2018, 6:22 PM UTC

3pt14159 wrote: post #10

taurath wrote: post #3

I wonder how much higher it would be if medical costs were taken out. Housing is the biggest problem for my generation, but it gets almost no traction nor solution.

Housing is largely a problem to do with interest rates and mortgages inflating the land. The actual construction materials themselves (at least here in Canada) aren't too bad. I keep wondering why someone doesn't kickstarter a town. It has all the right incentives. Make guidelines that enforce density in the core and do common sense things from day 1, like wire fibre to every domicile.

Don't forget about zoning issues hampering supply and the rising cost of construction labor.

Re: Current Inflation Has Different Effects on Different Age Groups

#14

Post by ttul » Fri, Jun 08, 2018, 6:23 PM UTC

dylrich wrote: post #5

aphextron wrote: post #2

I feel like technology has led to such an efficient form of capitalism over the past 20 years, that there's no room left for any possibility of social mobility. It's this system where there is just enough room for you to live and get by, but never get ahead. Prices for everything are so efficiently optimized at this point that there is no more "wiggle room" for a working person to build wealth. The basic necessities…

You make ~$90,000 a year and are barely getting by with no debt or children? Where do you live?

In the Bay Area, $90K is not sufficient. A one bedroom might cost $3500/month - that’s $40K of your net income.

Re: Current Inflation Has Different Effects on Different Age Groups

#15

Post by 3pt14159 » Fri, Jun 08, 2018, 6:23 PM UTC

aphextron wrote: post #2

I feel like technology has led to such an efficient form of capitalism over the past 20 years, that there's no room left for any possibility of social mobility. It's this system where there is just enough room for you to live and get by, but never get ahead. Prices for everything are so efficiently optimized at this point that there is no more "wiggle room" for a working person to build wealth. The basic necessities…

Guys, downvoting aphextron isn't helpful. He's sharing his perspective.

I get that some of us are poor students living off of almost nothing, but try to listen when people talk about their own personal situation. People struggle with different things and we should try to learn from them instead of dismissing them.

Aphextron, I actually kinda get where you're coming from. Things like housing are appreciating so fast that you can be forced to rent, then pushed out of a neighbourhood that you helped gentrify because the rent is going up way faster than your ability to pay. The rent controls don't work because landlords can get around them, rarely get caught, and relationships can end without warning.

Re: Current Inflation Has Different Effects on Different Age Groups

#16

Post by [deleted] » Fri, Jun 08, 2018, 6:27 PM UTC

dylrich wrote: post #5

aphextron wrote: post #2

I feel like technology has led to such an efficient form of capitalism over the past 20 years, that there's no room left for any possibility of social mobility. It's this system where there is just enough room for you to live and get by, but never get ahead. Prices for everything are so efficiently optimized at this point that there is no more "wiggle room" for a working person to build wealth. The basic necessities…

You make ~$90,000 a year and are barely getting by with no debt or children? Where do you live?

[deleted]

Re: Current Inflation Has Different Effects on Different Age Groups

#17

Post by ojbyrne » Fri, Jun 08, 2018, 6:30 PM UTC

"Over the past five years" - I feel that in order to formulate "a historical price index per generation" you need to look at inflation over the entire life of the generation. Baby boomers went through the seventies, when inflation was significantly higher than now.

Re: Current Inflation Has Different Effects on Different Age Groups

#18

Post by j-c-hewitt » Fri, Jun 08, 2018, 6:30 PM UTC

This is a great example of how you can make up anything by aggregating unrelated statistical measures and then mislead people with a new definition on top of another woozy commonly used definition.

Re: Current Inflation Has Different Effects on Different Age Groups

#19

Post by xtian » Fri, Jun 08, 2018, 6:31 PM UTC

ttul wrote: post #14

dylrich wrote: post #5

Earlier quoted context omitted.

You make ~$90,000 a year and are barely getting by with no debt or children? Where do you live?

In the Bay Area, $90K is not sufficient. A one bedroom might cost $3500/month - that’s $40K of your net income.

If you are making $90k and living in SF you should be looking at studios or for roommates, not at one bedrooms. A one bedroom in a city like SF is a luxury.

Re: Current Inflation Has Different Effects on Different Age Groups

#20

Post by dsfyu404ed » Fri, Jun 08, 2018, 6:32 PM UTC

dylrich wrote: post #5

aphextron wrote: post #2

I feel like technology has led to such an efficient form of capitalism over the past 20 years, that there's no room left for any possibility of social mobility. It's this system where there is just enough room for you to live and get by, but never get ahead. Prices for everything are so efficiently optimized at this point that there is no more "wiggle room" for a working person to build wealth. The basic necessities…

You make ~$90,000 a year and are barely getting by with no debt or children? Where do you live?

Silly Valley, probably.

I was making 90k in the Boston area within the past few years.

On that salary I was able to support two adults, pay back student loans faster than needed, max out my 401k (company match up to $10k or something like that) and build saving at a rate of about $1k/mo, go out to dinner every 3wk or so and have enough to direct meaningful amounts into my hobbies and other discretionary spending.

That said, if you try to live like you're wealthy (shopping at whole foods, $2k+ rent, going out to drink, take uber everywhere, expensive cable, phone and internet, etc, etc) and generally hemorrhage money I can see how one could live little better than paycheck to paycheck on 90k in the Boston area.