this post was submitted on 11 Feb 2024
247 points (100.0% liked)
memes
23035 readers
1 users here now
dank memes
Rules:
-
All posts must be memes and follow a general meme setup.
-
No unedited webcomics.
-
Someone saying something funny or cringe on twitter/tumblr/reddit/etc. is not a meme. Post that stuff in /c/slop
-
Va*sh posting is haram and will be removed.
-
Follow the code of conduct.
-
Tag OC at the end of your title and we'll probably pin it for a while if we see it.
-
Recent reposts might be removed.
-
No anti-natalism memes. See: Eco-fascism Primer
founded 4 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
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.
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:
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?
Does it show monopoly pricing, as well, maybe?
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
so it's literally in the negatives? Didn't know things were that bad....
I think it hits harder if it's in "units you can relate to on a visceral level"
I think "big macs per hour" is probably the most viscerally relatable metric for the average American