• edge [he/him]
    ·
    9 months ago

    Since we’re directly comparing the price of a product over time, aren’t we already taking inflation into account? Like this is a direct depiction of inflation and the fact that minimum wage hasn’t kept up.

    • BodyBySisyphus [he/him]
      ·
      9 months ago

      I think Red_Sunshine is referring to both compared to the CPI. Since 1980 the CPI has risen 355%, while the minimum wage has risen 233% and the big mac has risen 1600%. So the price of a big mac has outpaced CPI by a factor of nearly 5 while wages have underpaced by factor 0.66.

      For visual learners:

      Show

      • edge [he/him]
        ·
        edit-2
        9 months ago

        Damn, I would have expected it to be something that stuck close to the average inflation of all consumer products (CPI, I guess). Like that graph would be completely expected if we were talking about housing, but not a burger.

        What’s a product that has stuck close to CPI?

    • DavidGarcia@feddit.nl
      ·
      9 months ago

      Yeah campbell tomato soup index is my favorite inflation measure. According to it, the dollar has lost 10x it's value since 1971.

      but it doesn't really factor in campbell becoming more greedy over time

      • sooper_dooper_roofer [none/use name]
        ·
        9 months ago

        According to it, the dollar has lost 10x it's value since 1971.

        so it's literally in the negatives? Didn't know things were that bad....