Unfortunately the base data used for your formula isn’t accurate in the slightest. CPI is falsely calculated, as is the whole of inflation.
If you wanted a true-up, please juxtapose your formula with the data inputs from the 1980s calculus that includes a realistic basket of goods (housing + food costs), you will quickly see how flawed your model is.
The idea is straightforward: how many hours do you need to work to afford
the same basket of goods and services?
N.B.......THE SAME BASKET OF GOODS AND SERVICES !
That means comparing LIKE against LIKE. All these things are "staples" and easily checked.
Housing is contentious.....always has been.... and because it varies so greatly between different locations [ land prices ] and due to all the components [ again with variable prices]
"reality" makes it unsuitable to include in a BASKET no matter how "realistic " you want your basket to be ! You claim that CPI and INFLATION are "falsely calculated" .......even so .....if the same factors are used each time then it will give results which are comparable and CONSISTENT and can show trends sufficiently well for the purpose of illustrating whether they are increasing , staying the same or falling . You can't simply "chop and change" the baskets to suit your sensibilties and potentially give the results that would substantiate
your claims. The chosen-system is what is is , and if it is changed then all the previous statistics are rendered baseless for comparison and any future attempts to predict trends are futile.
This is great! Nice job. I'd love it if this was adopted more widely and we saw this next to GDP Per capita, inflation, and CPI at places like Our World In Data.
But do any of the four options offered track the federal minimum wage?
This is COOL!
I intend to forward this to my friends and acquaintances who complain about how bad things are in the US these days. The truth is, life is good!
Thanks!
Unfortunately the base data used for your formula isn’t accurate in the slightest. CPI is falsely calculated, as is the whole of inflation.
If you wanted a true-up, please juxtapose your formula with the data inputs from the 1980s calculus that includes a realistic basket of goods (housing + food costs), you will quickly see how flawed your model is.
The idea is straightforward: how many hours do you need to work to afford
the same basket of goods and services?
N.B.......THE SAME BASKET OF GOODS AND SERVICES !
That means comparing LIKE against LIKE. All these things are "staples" and easily checked.
Housing is contentious.....always has been.... and because it varies so greatly between different locations [ land prices ] and due to all the components [ again with variable prices]
"reality" makes it unsuitable to include in a BASKET no matter how "realistic " you want your basket to be ! You claim that CPI and INFLATION are "falsely calculated" .......even so .....if the same factors are used each time then it will give results which are comparable and CONSISTENT and can show trends sufficiently well for the purpose of illustrating whether they are increasing , staying the same or falling . You can't simply "chop and change" the baskets to suit your sensibilties and potentially give the results that would substantiate
your claims. The chosen-system is what is is , and if it is changed then all the previous statistics are rendered baseless for comparison and any future attempts to predict trends are futile.
This is great! Nice job. I'd love it if this was adopted more widely and we saw this next to GDP Per capita, inflation, and CPI at places like Our World In Data.
But do any of the four options offered track the federal minimum wage?