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LOL, yes, members of the middle and lower class have no options other than to buy a $75,000 luxury vehicle
My household income is in the <small single digit> percent, and my wife and I share one $5,000 used car.
Luxury goods be luxury goods, yo. https://twitter.com/braxton_mccoy/status/1317146003510763520">https://twitter.com/braxton_m...
My household income is in the <small single digit> percent, and my wife and I share one $5,000 used car.
Luxury goods be luxury goods, yo. https://twitter.com/braxton_mccoy/status/1317146003510763520">https://twitter.com/braxton_m...
2/
It& #39;s hilarious that you accuse me of missing the point even as you confuse luxury goods with Veblen goods, and don& #39;t realize that one can get an F-350 without all the options for about half the price.
I didn& #39;t MISS the point; I CONTRADICTED it. https://twitter.com/CrewdsonStephen/status/1317196078102515712">https://twitter.com/CrewdsonS...
It& #39;s hilarious that you accuse me of missing the point even as you confuse luxury goods with Veblen goods, and don& #39;t realize that one can get an F-350 without all the options for about half the price.
I didn& #39;t MISS the point; I CONTRADICTED it. https://twitter.com/CrewdsonStephen/status/1317196078102515712">https://twitter.com/CrewdsonS...
3/
I& #39;m confused - I had THOUGHT I had said that the vehicle in question - a F-350 with the Lariat upgrade package, at twice the base price of an F-350, was a luxury good, but APPARENTLY what I said was "all trucks are luxury goods"?!?!
Wacky. https://twitter.com/braxton_mccoy/status/1317194588222672898">https://twitter.com/braxton_m...
I& #39;m confused - I had THOUGHT I had said that the vehicle in question - a F-350 with the Lariat upgrade package, at twice the base price of an F-350, was a luxury good, but APPARENTLY what I said was "all trucks are luxury goods"?!?!
Wacky. https://twitter.com/braxton_mccoy/status/1317194588222672898">https://twitter.com/braxton_m...
4/
You& #39;re getting closer to correct.
But in your original tweet you said "luxury (Veblen) good". I get why you did it. It feels good to awe the normies with buzzwords, the way you did when you defined luxury...that is NOT a definition of luxury good https://twitter.com/CrewdsonStephen/status/1317196939205791753">https://twitter.com/CrewdsonS...
You& #39;re getting closer to correct.
But in your original tweet you said "luxury (Veblen) good". I get why you did it. It feels good to awe the normies with buzzwords, the way you did when you defined luxury...that is NOT a definition of luxury good https://twitter.com/CrewdsonStephen/status/1317196939205791753">https://twitter.com/CrewdsonS...
5/
The definition of luxury good is a good that one purchases more of as income increases.
Veblen goods are a SUBTYPE of luxury good, or perhaps OVERLAP with luxury goods.
The definition of luxury good is a good that one purchases more of as income increases.
Veblen goods are a SUBTYPE of luxury good, or perhaps OVERLAP with luxury goods.
6/
Oh, I see. You read the TONE of my tweet, not the actual words, and that& #39;s what made you incorrectly define "luxury good"?
That& #39;s a good defense.
Stick with it. https://twitter.com/CrewdsonStephen/status/1317197773662543872">https://twitter.com/CrewdsonS...
Oh, I see. You read the TONE of my tweet, not the actual words, and that& #39;s what made you incorrectly define "luxury good"?
That& #39;s a good defense.
Stick with it. https://twitter.com/CrewdsonStephen/status/1317197773662543872">https://twitter.com/CrewdsonS...
7/
"This might be hard to understand"
I love it when people mock my lack of intelligence or ability to follow an argument. https://twitter.com/braxton_mccoy/status/1317194588222672898">https://twitter.com/braxton_m...
"This might be hard to understand"
I love it when people mock my lack of intelligence or ability to follow an argument. https://twitter.com/braxton_mccoy/status/1317194588222672898">https://twitter.com/braxton_m...
8/
8/
F-350, 1 ton, 4 doors, new, 2020 $37,885
F-350 1 ton, 4 doors, new, 1990 $19,068
That& #39;s $37,972.60 in 2020 dollars.
Lower price for a superior product.
How do you explain this @braxton_mccoy ?
cites:
https://www.edmunds.com/ford/f-350-super-duty/2020/supercab/
https://www.edmunds.com/ford/f-35... href=" https://www.michigan.gov/documents/1990combtr_20338_7.pdf">https://www.michigan.gov/documents...
8/
F-350, 1 ton, 4 doors, new, 2020 $37,885
F-350 1 ton, 4 doors, new, 1990 $19,068
That& #39;s $37,972.60 in 2020 dollars.
Lower price for a superior product.
How do you explain this @braxton_mccoy ?
cites:
https://www.edmunds.com/ford/f-350-super-duty/2020/supercab/
9/
The way I explain it is that your thesis is wrong.
The way I explain it is that your thesis is wrong.
10/
Inflation is a MEASURE of prices increasing, not a CAUSE of it.
Reported inflation AVERAGES price changes across multiple products.
Electronics have gotten a ton cheaper. Health care has gotten more expensive.
Vehicle prices up ...in nominal terms https://twitter.com/braxton_mccoy/status/1317202794953142272">https://twitter.com/braxton_m...
Inflation is a MEASURE of prices increasing, not a CAUSE of it.
Reported inflation AVERAGES price changes across multiple products.
Electronics have gotten a ton cheaper. Health care has gotten more expensive.
Vehicle prices up ...in nominal terms https://twitter.com/braxton_mccoy/status/1317202794953142272">https://twitter.com/braxton_m...
11/
But vehicle prices are DOWN in absolute terms.
High school grad made $26,653 in 1990.
Made $40,000 in 2010.
Prob made $45,000 or so in 2020.
So it& #39;s EXACTLY as easy for a high school grad to buy a F-350 in 2020 as it was in 1990
except >>>
But vehicle prices are DOWN in absolute terms.
High school grad made $26,653 in 1990.
Made $40,000 in 2010.
Prob made $45,000 or so in 2020.
So it& #39;s EXACTLY as easy for a high school grad to buy a F-350 in 2020 as it was in 1990
except >>>
12/
The F-350 on the lot in 2020 is a much much better vehicle. It& #39;s got airbags, better mean time between failure, more fuel efficient, less susceptible to corrosion, MUCH better impact protection.
It& #39;s better to be a HS grad buying a 350 today than 30 years ago!
The F-350 on the lot in 2020 is a much much better vehicle. It& #39;s got airbags, better mean time between failure, more fuel efficient, less susceptible to corrosion, MUCH better impact protection.
It& #39;s better to be a HS grad buying a 350 today than 30 years ago!
13/
gosh, if I could do it over again, I would have put URLs in tweet #8 in this thread so that people could have clicked and found out what data I was using.
Might even label the URLs with the word "cites".
Oh well, too late now. https://twitter.com/25th_Prestige/status/1317205054152077312">https://twitter.com/25th_Pres...
gosh, if I could do it over again, I would have put URLs in tweet #8 in this thread so that people could have clicked and found out what data I was using.
Might even label the URLs with the word "cites".
Oh well, too late now. https://twitter.com/25th_Prestige/status/1317205054152077312">https://twitter.com/25th_Pres...
14/
Yes, F-350s are absolutely work trucks (or, at least, can be. Out here in farm country, though, I see about 10x as many of them being driven to the liquor store with nothing in the bed, as I see hauling cargo)
But the thread started with a claim > https://twitter.com/ndwpdx/status/1317206291333275648">https://twitter.com/ndwpdx/st...
Yes, F-350s are absolutely work trucks (or, at least, can be. Out here in farm country, though, I see about 10x as many of them being driven to the liquor store with nothing in the bed, as I see hauling cargo)
But the thread started with a claim > https://twitter.com/ndwpdx/status/1317206291333275648">https://twitter.com/ndwpdx/st...
15/
that:
* this affected the poor and middle class
* the price has gone up to unreasonable levels, bc inflation
* the price is now $75,000
* and [ implicitly ] this is the lowest tier that solves the problem, ignoring that this is the luxury tier with tons of doodads and bling
that:
* this affected the poor and middle class
* the price has gone up to unreasonable levels, bc inflation
* the price is now $75,000
* and [ implicitly ] this is the lowest tier that solves the problem, ignoring that this is the luxury tier with tons of doodads and bling
16/
sources, please? https://twitter.com/25th_Prestige/status/1317207346452385792">https://twitter.com/25th_Pres...
sources, please? https://twitter.com/25th_Prestige/status/1317207346452385792">https://twitter.com/25th_Pres...
17/
No, this isn& #39;t a question of "it& #39;s not DIRECT cause".
What I& #39;m saying is that inflation is not a cause of price change, in the same way that spedometers aren& #39;t a cause of speed change.
They are MEASUREMENT TOOLS. https://twitter.com/coinaday1/status/1317208104954695680">https://twitter.com/coinaday1...
No, this isn& #39;t a question of "it& #39;s not DIRECT cause".
What I& #39;m saying is that inflation is not a cause of price change, in the same way that spedometers aren& #39;t a cause of speed change.
They are MEASUREMENT TOOLS. https://twitter.com/coinaday1/status/1317208104954695680">https://twitter.com/coinaday1...
18/
No.
Unexepcted CHANGES in inflation have those effects. Steady inflation does not, because the inflation is already baked into the interest rates. https://twitter.com/B_Barbarian/status/1317208210583875584">https://twitter.com/B_Barbari...
No.
Unexepcted CHANGES in inflation have those effects. Steady inflation does not, because the inflation is already baked into the interest rates. https://twitter.com/B_Barbarian/status/1317208210583875584">https://twitter.com/B_Barbari...
19/
I& #39;ve love to have a truck. Old one died; can& #39;t afford a new one now.
I mostly use my tractor to move stuff around - throw a trailer ball on the draw bar and use that to tow trailers around. Skid logs w the tractor too, etc. https://twitter.com/camp_zion/status/1317211475560308739">https://twitter.com/camp_zion...
I& #39;ve love to have a truck. Old one died; can& #39;t afford a new one now.
I mostly use my tractor to move stuff around - throw a trailer ball on the draw bar and use that to tow trailers around. Skid logs w the tractor too, etc. https://twitter.com/camp_zion/status/1317211475560308739">https://twitter.com/camp_zion...
20/
The original claim: a good truck costs ~ $75k.
My rebuttal: no, you can get it for half of that.
OP refinement: not with a diesel engine
@cyr_actual tags in: yes, you can! https://twitter.com/cyr_actual/status/1317211714388111361">https://twitter.com/cyr_actua...
The original claim: a good truck costs ~ $75k.
My rebuttal: no, you can get it for half of that.
OP refinement: not with a diesel engine
@cyr_actual tags in: yes, you can! https://twitter.com/cyr_actual/status/1317211714388111361">https://twitter.com/cyr_actua...
21/
Yes, exactly.
If we have 2% inflation, year after year after year, and it goes as high as 2.2% some years, and 1.8% other years, that 2% number is "baked in". Your mortgage is built around it, your investments track that, your raises, etc. https://twitter.com/Bobthewelding1/status/1317212813534912512">https://twitter.com/Bobthewel...
Yes, exactly.
If we have 2% inflation, year after year after year, and it goes as high as 2.2% some years, and 1.8% other years, that 2% number is "baked in". Your mortgage is built around it, your investments track that, your raises, etc. https://twitter.com/Bobthewelding1/status/1317212813534912512">https://twitter.com/Bobthewel...
22/
Cites || GTFO https://twitter.com/trapc45/status/1317215078169673733">https://twitter.com/trapc45/s...
Cites || GTFO https://twitter.com/trapc45/status/1317215078169673733">https://twitter.com/trapc45/s...
23/
Here are my cites
Ford F series 1992-1995: 51 reliability score
2015-2019: 89.3
http://dashboard-light.com/vehicles/Ford_F_Series.html">https://dashboard-light.com/vehicles/...
Here are my cites
Ford F series 1992-1995: 51 reliability score
2015-2019: 89.3
http://dashboard-light.com/vehicles/Ford_F_Series.html">https://dashboard-light.com/vehicles/...
24/
Indeed. In the 19th century we had deflation more often than inflation....and that was worse than inflation.
Modest well managed inflation on fiat currency is MUCH better than deflation on a gold standard, fite me. https://twitter.com/trapc45/status/1317216423245156358">https://twitter.com/trapc45/s...
Indeed. In the 19th century we had deflation more often than inflation....and that was worse than inflation.
Modest well managed inflation on fiat currency is MUCH better than deflation on a gold standard, fite me. https://twitter.com/trapc45/status/1317216423245156358">https://twitter.com/trapc45/s...
25/
This is the source I used.
https://www.infoplease.com/business/economy/median-annual-income-level-education-1990-2010
Note">https://www.infoplease.com/business/... that I did not claim "entry level". I specified only by educational attainment.
If you want to use other data, specify it. With a link. https://twitter.com/trapc45/status/1317216141899669504">https://twitter.com/trapc45/s...
This is the source I used.
https://www.infoplease.com/business/economy/median-annual-income-level-education-1990-2010
Note">https://www.infoplease.com/business/... that I did not claim "entry level". I specified only by educational attainment.
If you want to use other data, specify it. With a link. https://twitter.com/trapc45/status/1317216141899669504">https://twitter.com/trapc45/s...
26/
No it doesn& #39;t.
One can compute one& #39;s own inflation numbers by looking at prices of things one knows / cares about.
It PERHAPS implies that I trust people who live and die by inflation rates to VERIFY government numbers.
>>> https://twitter.com/Bobthewelding1/status/1317225508841705477">https://twitter.com/Bobthewel...
No it doesn& #39;t.
One can compute one& #39;s own inflation numbers by looking at prices of things one knows / cares about.
It PERHAPS implies that I trust people who live and die by inflation rates to VERIFY government numbers.
>>> https://twitter.com/Bobthewelding1/status/1317225508841705477">https://twitter.com/Bobthewel...
27/
I see lots of arguments about "stealth inflation", and I& #39;m entirely happy to entertain the idea.
So ... go ahead. Convince me. Pick a basket of goods X and price it at time Y and at time Z.
I see lots of arguments about "stealth inflation", and I& #39;m entirely happy to entertain the idea.
So ... go ahead. Convince me. Pick a basket of goods X and price it at time Y and at time Z.
28/
I fully agree with the data in this tweet.
This is orthogonal to the discussion of whether the government inflation numbers are valid. https://twitter.com/Bobthewelding1/status/1317231388517715969">https://twitter.com/Bobthewel...
I fully agree with the data in this tweet.
This is orthogonal to the discussion of whether the government inflation numbers are valid. https://twitter.com/Bobthewelding1/status/1317231388517715969">https://twitter.com/Bobthewel...
29/
Yes / yes / no
What do I get out of them?
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤔" title="Denkendes Gesicht" aria-label="Emoji: Denkendes Gesicht">
...
...
...
I like fighting.
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇮🇪" title="Flagge von Irland" aria-label="Emoji: Flagge von Irland"> https://twitter.com/jtcbrule/status/1317235507437457409?s=19">https://twitter.com/jtcbrule/...
Yes / yes / no
What do I get out of them?
...
...
...
I like fighting.
30/ https://twitter.com/AlanMCole/status/1317238603609743363?s=19">https://twitter.com/AlanMCole...
31/
But in this thread we& #39;ve shown that the price of a 350 has remained the same in real terms, and the quality has gone up. Look at Bob& #39;s data in #28 - low and mid class wages are flat WHEN ADJUSTED FOR INFLATION, meaning that inflation hasn& #39;t hurt them https://twitter.com/braxton_mccoy/status/1317241908696018945?s=19">https://twitter.com/braxton_m...
But in this thread we& #39;ve shown that the price of a 350 has remained the same in real terms, and the quality has gone up. Look at Bob& #39;s data in #28 - low and mid class wages are flat WHEN ADJUSTED FOR INFLATION, meaning that inflation hasn& #39;t hurt them https://twitter.com/braxton_mccoy/status/1317241908696018945?s=19">https://twitter.com/braxton_m...
