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Response to Stuart G (Original post)

Mon Nov 11, 2019, 01:30 PM

16. Sorry, but that's an extremely naive statement.

Many people feel that, even with full-time work, they simply don't have the income necessary to live the lives they want. Even when it comes to just the basic essentials such as food, rent, car payments, or tuition fees, it can often seem that a dollar today just doesn't buy what it should. As it happens, this isn't just economic paranoia. In fact, the prices for daily goods have increased considerably since 1998, above and beyond what can be accounted for by inflation, giving the dollar much less buying power than it had just 20 years ago.

https://www.investopedia.com/ask/answers/101314/what-does-current-cost-living-compare-20-years-ago.asp

The dollar's buying power is less than what it was 20 years ago, meaning what you earn doesn't stretch as far as it once did.

Government statistics show that while household income has been steadily increasing, it has failed to keep up with the pace of inflation.

In addition, the cost of buying items like houses and automobiles has increased at a rate that outpaces the rise in inflation.

The average cost of buying a new car in 1999 was $20,686; adjusted for inflation, that price today should be $31,874. However, according to Kelly Blue Book, the average cost of buying a new car in April 2019 was $37,185, 14% higher than the price when accounting for inflation.

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