Post
Topic
Board Economics
Re: An interesting case of a widespread misconception
by
Captain-Cryptory
on 30/06/2020, 07:42:12 UTC
A lot of posters on the forum love to come up with figures showing how much the dollar (the American dollar, obviously) has depreciated over time, like 1 dollar in 1913 was worth 1000 dollars today (or whatever), with the general idea being that "the grass was greener and the light brighter back in the day"

However, what these forum members forget to account for is the rise in wages during the same time span. And the irony is that wages in the US have been outperforming inflation since WWII, barring a few rather short periods. It basically means that people become wealthier over years despite a declining dollar

So much for dollar inflation

Agree, and they getting richer not only because of their increasing wages but due to their acquired (for their salary) possessions and services which they could not afford before. Even the same Bitcoin they get for  bucks being paid to them. Welfare of U.S. citizens , on average, is steadily increasing and, largely speaking, that is true.