Some of these charts are atrocious chart crimes.
This one is particularly bad: https://i.imgur.com/hfHmvhP.png
Gen Z have 86% less purchasing power compared to baby boomers in their twenties
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Re: Gen Z have 86% less purchasing power compared to baby boomers in their twenties
#102One of the items this article doesn't cover is healthcare spending, which has increased between 2 and 8 times since 1980 (depending on whether you're looking at individual spending or share of GDP). Here's a decent collection of charts: https://www.healthsystemtracker.org/chart-collection/u-s-spe... It has been shocking to me to see how cheap and effective healthcare can be in other countries, from an emergency visit…
> In the US, healthcare is effectively a collection of cartels
Not just in the US. For example there's a huge glasses cartel in France with specialists that are protected by the government and make pairs of glasses cost 500~1000 USD with very little reimbursement, while in Japan private companies (that actually compete against each other's) let you have glasses for 60~70 USD all included. You are literally better off flying to Japan from France to shop for eyewear.
Re: Gen Z have 86% less purchasing power compared to baby boomers in their twenties
#103Earlier quoted context omitted.
I'd be first in line for a new car that only has the features of cars from the 1990s.
Plenty of low-mileage 90s cars are on the market. If you’re being sincere, just filter by low mileage and single owner and you’ll find your dream car.
Older cars require more ongoing maintenance and repairs.
What I want is a car with '90s features that rolled off the factory yesterday so I don't have to worry about it dying in the middle of a road trip next week.
Re: Gen Z have 86% less purchasing power compared to baby boomers in their twenties
#104Earlier quoted context omitted.
I always see the healthcare cost to consumer compared to other countries, but that isn't the true cost to society if the govt is subsidizing the rest. AFAIK the US healthcare is still truly more costly. Monopolies or something, idk.
The US government spends more on healthcare per capita than any other OECD nation. We are just being robbed.
That still mixes a lot of factors in, including how often people need care and what kind of care is provided. Better to compare the same procedure/drug/etc in the US vs elsewhere. I think in the US it's usually more costly that way, especially when it comes to drugs.
Re: Gen Z have 86% less purchasing power compared to baby boomers in their twenties
#105The author apparently has no idea how to do CPI calculations.
She somehow seems to be calculating inflation adjusted wage increases to CPI changes. Rather--
Median Family income in 1970 was $9,870 [0]
Median Family income in 2021 was $79,900 [1]
CPI in 1970 was 38.8 [2]
CPI in 2021 was 271.0
Ratio of incomes = 8.1
Ratio of CPI = 6.98
So household income has increased more than inflation.
Median household income might not be the best comparison--family sizes have changed, there are more women in the workforce, etc. But "86% less purchasing power" makes no sense.
[0] https://www.census.gov/library/publications/1971/demo/p60-80... [1] https://www.huduser.gov/portal/datasets/il/il21/Medians2021.... [2] https://www.minneapolisfed.org/about-us/monetary-policy/infl...
Re: Gen Z have 86% less purchasing power compared to baby boomers in their twenties
#106Earlier quoted context omitted.
I'd be first in line for a new car that only has the features of cars from the 1990s.
Plenty of low-mileage 90s cars are on the market. If you’re being sincere, just filter by low mileage and single owner and you’ll find your dream car.
This isn't true in any part of the country that has a winter.
Re: Gen Z have 86% less purchasing power compared to baby boomers in their twenties
#107Earlier quoted context omitted.
I always see the healthcare cost to consumer compared to other countries, but that isn't the true cost to society if the govt is subsidizing the rest. AFAIK the US healthcare is still truly more costly. Monopolies or something, idk.
The US government spends more on healthcare per capita than any other OECD nation. We are just being robbed.
> healthcare per capita than any other OECD nation.
You also need to mention that the US is not like any other OECD nation. It also happens to he the nation with the largest innovation in Healthcare, and not just by a little. By Far.
Re: Gen Z have 86% less purchasing power compared to baby boomers in their twenties
#108This article is complete bullshit because it effectively corrects for inflation twice. The CPI is a measure of the nominal change in cost of a basket of goods. This should be compared, like for like, to nominal income, not inflation-adjusted income. The CPI was already used to adjust the income to which it's compared in this article!
Re: Gen Z have 86% less purchasing power compared to baby boomers in their twenties
#109Re: Gen Z have 86% less purchasing power compared to baby boomers in their twenties
#110Earlier quoted context omitted.
I'd be first in line for a new car that only has the features of cars from the 1990s.
Plenty of low-mileage 90s cars are on the market. If you’re being sincere, just filter by low mileage and single owner and you’ll find your dream car.
But since they're not being made in 2022, getting parts for them in 2040 will be fraught.