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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
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
2/
It's hilarious that you accuse me of missing the point even as you confuse luxury goods with Veblen goods, and don't realize that one can get an F-350 without all the options for about half the price.
I didn't MISS the point; I CONTRADICTED it. https://twitter.com/CrewdsonStephen/status/1317196078102515712
It's hilarious that you accuse me of missing the point even as you confuse luxury goods with Veblen goods, and don't realize that one can get an F-350 without all the options for about half the price.
I didn't MISS the point; I CONTRADICTED it. https://twitter.com/CrewdsonStephen/status/1317196078102515712
3/
I'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
I'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
4/
You'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
You'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
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's what made you incorrectly define "luxury good"?
That's a good defense.
Stick with it. https://twitter.com/CrewdsonStephen/status/1317197773662543872
Oh, I see. You read the TONE of my tweet, not the actual words, and that's what made you incorrectly define "luxury good"?
That's a good defense.
Stick with it. https://twitter.com/CrewdsonStephen/status/1317197773662543872
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
"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
8/
8/
F-350, 1 ton, 4 doors, new, 2020 $37,885
F-350 1 ton, 4 doors, new, 1990 $19,068
That'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.michigan.gov/documents/1990combtr_20338_7.pdf
8/
F-350, 1 ton, 4 doors, new, 2020 $37,885
F-350 1 ton, 4 doors, new, 1990 $19,068
That'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.michigan.gov/documents/1990combtr_20338_7.pdf
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
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
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'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'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's got airbags, better mean time between failure, more fuel efficient, less susceptible to corrosion, MUCH better impact protection.
It'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's got airbags, better mean time between failure, more fuel efficient, less susceptible to corrosion, MUCH better impact protection.
It'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
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
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
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
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
17/
No, this isn't a question of "it's not DIRECT cause".
What I'm saying is that inflation is not a cause of price change, in the same way that spedometers aren't a cause of speed change.
They are MEASUREMENT TOOLS. https://twitter.com/coinaday1/status/1317208104954695680
No, this isn't a question of "it's not DIRECT cause".
What I'm saying is that inflation is not a cause of price change, in the same way that spedometers aren't a cause of speed change.
They are MEASUREMENT TOOLS. https://twitter.com/coinaday1/status/1317208104954695680
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
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
19/
I've love to have a truck. Old one died; can'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
I've love to have a truck. Old one died; can'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
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
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
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
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
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
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
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
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
25/
This is the source I used.
https://www.infoplease.com/business/economy/median-annual-income-level-education-1990-2010
Note 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
This is the source I used.
https://www.infoplease.com/business/economy/median-annual-income-level-education-1990-2010
Note 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
26/
No it doesn't.
One can compute one'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
No it doesn't.
One can compute one'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
27/
I see lots of arguments about "stealth inflation", and I'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'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
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
29/
Yes / yes / no
What do I get out of them?
...
...
...
I like fighting.
https://twitter.com/jtcbrule/status/1317235507437457409?s=19
Yes / yes / no
What do I get out of them?
...
...
...
I like fighting.
https://twitter.com/jtcbrule/status/1317235507437457409?s=19
31/
But in this thread we've shown that the price of a 350 has remained the same in real terms, and the quality has gone up. Look at Bob's data in #28 - low and mid class wages are flat WHEN ADJUSTED FOR INFLATION, meaning that inflation hasn't hurt them https://twitter.com/braxton_mccoy/status/1317241908696018945?s=19
But in this thread we've shown that the price of a 350 has remained the same in real terms, and the quality has gone up. Look at Bob's data in #28 - low and mid class wages are flat WHEN ADJUSTED FOR INFLATION, meaning that inflation hasn't hurt them https://twitter.com/braxton_mccoy/status/1317241908696018945?s=19
