Honest question, why is this not how inflation is measured?
I feel like the basket of goods chosen in Australia is nonsense, considering rent went up by like 50% in two years, and prices in the supermarket have been insane, somehow inflation numbers only ever cracked the high single digits per year.
I haven't looked into it deeper, yet, but seems fishy, and cherry-picked.
I think one reason is it's the other way around, the cart is leading the horse. One problem with using a basket of goods to measure inflation is that it cannot keep pace with the substitutions consumers make. Consumer choices can switch really quickly but the basket of goods used to measure that needs to be workshoped before it can be used. It's in part, because it's impossible to have a perfect snapshot of a market.
Hate this sort of garbage. Exaggerating or lying to boost an already solid point ruins it as most won't see past the lie. They see the bullshit, turn away, call it all bullshit. Now you've lost my trust and I'm not listening to a damned thing you say.
Big Macs weren't $.50 in 1980, I was there. If they were that cheap, they wouldn't have been able to pry us stoned teenagers out of there.
Big Macs aren't $8 now. I think the whole meal is that much, maybe closer to $9.
Yes, the minimum wage is abysmal, but they're not paying that. Walmart pay $15 to start in this little hick town. McDonald's is probably $13 or so.
$9.69 for the medium, $10.69 for the large. Still too goddamn much. And the minimum wage is going up de facto because people can't afford to live. That's not a reason not to enshrine it.
Did a little research and found a Big Mac costs around $4.49, or $7.49 for a meal. Really hard to check prices without downloading their app, btw. Though, I've heard that McDonnalds is a lot like Subway, in that anyone not using the app and coupon codes for every order is getting ripped off big time.
Yeah totally. I went to one just outside of Chicago about a month ago for my nieces birthday and the Big Mac there was over $8. A damn happy meal was $14!
25% off and all I need to do is give up access to my phone and all the info it gathers on me to be monetized and used to manipulate me into spending more?!
Yeah every now and then (like once a year) I’ll get a weird craving. Last time I went in there, shit was crazy expensive. That was like two years ago. I haven’t gone back since because of the price.
34 Comments
Altrex@lemmy.world · 62 pts · 1y
The Big Mac index is indeed a thing, which is surprisingly helpful.
friend_of_satan@lemmy.world · 46 pts · 1y
This gives a whole, sad new meaning to "i can haz cheezburger"
SteveFromMySpace@lemmy.blahaj.zone · 30 pts · 1y
48954246@lemmy.world · 18 pts · 1y
After eating Big Macs I think the numbers are roughly equivalent
BoxOfFeet@lemmy.world · 6 pts · 1y
When my Crohn's is flaring up I've probably hit those numbers.
Blue_Morpho@lemmy.world · 29 pts · 1y
A big Mac wasn't .50 in 1980. I remember it being at least $1. The earliest I can find sources for say $1.6 in 1986.
NewNewAccount@lemmy.world · 31 pts · 1y
The New York Times previously reported that a Big Mac in New York cost 85 cents back in 1974.
a simple Big Mac cost just $1.60 in 1986, according to The Economist, which introduced its Big Mac Index that same year.
From this article.
ValenThyme@reddthat.com · 11 pts · 1y
a big mac right now in my expensive west coast city is only $6, must have been hawaii to get to $8 justa couple years ago!
MisterFrog@lemmy.world · 9 pts · 1y
Honest question, why is this not how inflation is measured?
I feel like the basket of goods chosen in Australia is nonsense, considering rent went up by like 50% in two years, and prices in the supermarket have been insane, somehow inflation numbers only ever cracked the high single digits per year.
I haven't looked into it deeper, yet, but seems fishy, and cherry-picked.
InputZero@lemmy.ml · 5 pts · 1y
I think one reason is it's the other way around, the cart is leading the horse. One problem with using a basket of goods to measure inflation is that it cannot keep pace with the substitutions consumers make. Consumer choices can switch really quickly but the basket of goods used to measure that needs to be workshoped before it can be used. It's in part, because it's impossible to have a perfect snapshot of a market.
MisterFrog@lemmy.world · 3 pts · 1y
Could we not at least make various unchanging standards?
Like, housing & food inflation index?
Is that not vague and unchanging enough?
I know sourcing the data isn't a walk in the park, but I know for a fact Victoria collects information on the first one pretty accurately.
I think we should have a "base needs" basket, because that's never going to change. People need to eat, people need to sleep.
Thanks for indulging me in my vague, unlearned on the topic, questioning!
SplashJackson@lemmy.ca · 8 pts · 1y
We should compare the rate of inflation, joblessness, etc, against the state of the world just before the pandemic
elrik@lemmy.world · 6 pts · 1y
We need more comparisons using this "BM per hour" unit.
US Median Annual Household Income
1980: $21,020 or 4.8 BM/hr
2022: $74,580 or 1.1 BM/hr
US GDP
1980: $2,857B or 650M BM/hr
2022: $25,440B or 363M BM/hr
US Defense Budget
1980: $144B or 33M BM/hr
2022: $877B or 13M BM/hr
shalafi@lemmy.world · 4 pts · 1y
Hate this sort of garbage. Exaggerating or lying to boost an already solid point ruins it as most won't see past the lie. They see the bullshit, turn away, call it all bullshit. Now you've lost my trust and I'm not listening to a damned thing you say.
Big Macs weren't $.50 in 1980, I was there. If they were that cheap, they wouldn't have been able to pry us stoned teenagers out of there.
Big Macs aren't $8 now. I think the whole meal is that much, maybe closer to $9.
Yes, the minimum wage is abysmal, but they're not paying that. Walmart pay $15 to start in this little hick town. McDonald's is probably $13 or so.
NikkiDimes@lemmy.world · 5 pts · 1y
A BigMac meal is $12 where I'm at...
bitjunkie@lemmy.world · 2 pts · 1y
$9.69 for the medium, $10.69 for the large. Still too goddamn much. And the minimum wage is going up de facto because people can't afford to live. That's not a reason not to enshrine it.
Lizardking27@lemmy.world · 1 pts · 1y
Oh wow 13 whole dollars that makes it all okay then I guess.
(Also live in hick town, McDs starts at 9.50/hr)
BruceTwarzen@lemm.ee · 4 pts · 1y
That's cool, someone should make that chart hut with food.
Etterra@lemmy.world · 2 pts · 1y
I'm pretty sure my car gets more miles per gallon than that.
darkdemize@sh.itjust.works · -9 pts · 1y
I don't go to McDonald's, but this looks like cherry-picking data to force a narrative to me. Are Big Macs really $8 for just the sandwich these days?
curbstickle@lemmy.dbzer0.com · 32 pts · 1y
I don't either (can't actually eat there anyway due to allergies).
Anyway, its $8.69 by me, so yes.
Vent@lemm.ee · 20 pts · 1y
Did a little research and found a Big Mac costs around $4.49, or $7.49 for a meal. Really hard to check prices without downloading their app, btw. Though, I've heard that McDonnalds is a lot like Subway, in that anyone not using the app and coupon codes for every order is getting ripped off big time.
eyeon@lemmy.world · 7 pts · 1y
https://www.nbcchicago.com/news/local/mcdonalds-says-18-big-mac-meal-was-an-exception-says-news-reports-overstated-its-price-increases/3450713/?amp=1 looks like 9.29 for the meal, 5.29 for just the sandwich.
curbstickle@lemmy.dbzer0.com · 24 pts · 1y
Depends on where you are.
Just shy of $9 by me, and $15 for the meal.
Mog_fanatic@lemmy.world · 5 pts · 1y
Yeah totally. I went to one just outside of Chicago about a month ago for my nieces birthday and the Big Mac there was over $8. A damn happy meal was $14!
thermal_shock@lemmy.world · 3 pts · 1y
bringing back child labor so they can pay for their own lol
DynoNoob@lemmy.world · 3 pts · 1y
$5.29 near me. And you can get 25% off if you use the app.
No_Eponym@lemmy.ca · 11 pts · 1y
25% off and all I need to do is give up access to my phone and all the info it gathers on me to be monetized and used to manipulate me into spending more?!
artichokecustard@lemmy.world · 7 pts · 1y
don't forget the disney clause
brbposting@sh.itjust.works · 4 pts · 1y
Forces always-on location
Keeps accessing location indefinitely* if app isn’t forced closed
Great deal
*certainly for hours
Ragnarok314159@sopuli.xyz · 3 pts · 1y
Joke is on them, we don’t have any money to spend.
curbstickle@lemmy.dbzer0.com · 6 pts · 1y
Looks like that's what a double cheeseburger would cost me here, and a single cheeseburger is $4.39 lol
And a happy meal is $10, ridiculous
CaptDust@sh.itjust.works · 4 pts · 1y
jaybone@lemmy.world · 2 pts · 1y
Yeah every now and then (like once a year) I’ll get a weird craving. Last time I went in there, shit was crazy expensive. That was like two years ago. I haven’t gone back since because of the price.
ValenThyme@reddthat.com · 1 pts · 1y
Telodzrum@lemmy.world · -7 pts · 1y
grue@lemmy.world · 13 pts · 1y
This isn't about median wage; this is about minimum wage.
Phil_in_here@lemmy.ca · 7 pts · 1y
Using the median wage to prove life is good is like using the median temperature of mass in the solar system to to prove its hot.
Spoiler: it's fucking not.