Well I think it’s partly true and partly not- which is dangerous because it muddies the water and makes people less likely to believe what they read in the future.
I don't know why you're downvoted - You're correct, even some basic common sense should show that we aren't buying 86% less stuff today than in the 70s.
And that conclusion is born through when you actually read the article, they completely misrepresent reality with that title. It's kind of astounding how many people are just taking it as face value.
Absolutely agree. This is a piece about relative poverty in disposible income against current inflation and % of post-tax income which has to go to rent/power &c against truly disposable income.
I'm not in the cohort, but I still believe the model. Look to UK power bills, and Australian rents, and rates of home ownership since the 1960s.
I'm an older millenial, should be earning a good wage (doctor/consultant etc..) in the UK. Correction, I am earning a good wage. My parents can't understand how so much of my money goes towards mortgage, commuting costs, bills, childcare.
Some things are a lot cheaper. A midi controller, DAC converter, HDMI splitter - these are all cheap imports from china these days. Toys for kids are cheaper, but also cheaply made. But labour is so expensive - building work, window cleaning, childcare, carpentry etc.. Lots of things grossly expensive now - houses, disneyland, centreparcs, football and sports tickets.
It's only going to get worse. Hundreds of pounds more leave my bank account this year for energy costs, nearly a thousand more may leave my bank account next year for mortgage costs. I might just sell up and go somewhere else.
I think its odd a cohort (me basically) had the golden years, between the one before which had to live through postwar rebuild and industrial conflict, and the ones we leave our somewhat blasted legacy to, refusing to die, spending the inheritance.
I don't entirely feel good about this outcome. I am pretty sure higher taxation may be necessary, a return to the state, not the free market. But in the UK and Australia, older voters are holding this back. It's impossible absent revolution to change without waiting for my cohort and older.. to die.
People sometimes point out how cheap things like TVs or computers are now, but they're such different scales of cost. In the 90s, a decent computer might run you a few thousand $. A house now costs hundreds of thousands more than it did back then. The savings in commodities isn't making up for rising costs in housing, education, energy, etc.
