Is the only chance of reprieve to get paid more?
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Caveats: I’m going to sound extremely conservative and then like a Marxist. Also, I’m only talking about America (I also acknowledge I’m not an expert)
As long as the government subsidizes the things that truly matter (housing, healthcare, transportation, food, education, etc), it’s almost impossible for cost of living to go down
The only possible reprieve is to move away from capitalism as we know it. It feeds off of continuous growth, which is not indefinitely sustainable (and arguments can be made that we already crossed the Rubicon) unless we figure out how to live on other planets
That isn’t really ELI5, I admit
So we will never see low numerical currency with the same buying power again in our lifetime? So at some point in the next few decades, a slice of pizza could cost $20 but people are making 300k/year? Similar to how in the 50s a slice of pizza was a nickle?
Should be seeing deflation now with the money supply decreasing. Last time the money supply decreased was during the 30s.
Do the greedy ever become less greedy?
Inflation is a direct result of greed, unless regulations drastically change corporations will still raise prices at every opportunity.
There’s a reason why we have record high inflation at the same time we have record high corporate profits.
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Most of the costs of living have gone done over the decades, it’s just that wages haven’t exactly kept up.
Electronics in particular have REALLY come down, a TV or telephone used to be a really big deal and nowadays you can have one in just about every room while every family member has a cell phone.
Cars are likely another big thing that have come down, you won’t find a sports car but a generic high efficiency commuter vehicle is fairly cheap compared to historically available vehicles; brand new Toyota Corolla is like 21k and can be had with like 10k and a pre-owned warranty for like 14k making them a very reliable and affordable first car.
The cost of housing is generally the only problematic bit (well medical too) as it seems to climb at a rate higher than any other cost of living improvements.
Historically we didn’t have these crazy levels of inflation.
In early novels people would be described via their salary. That amount of monthly income would be understood as being rich or poor for decades if not a century by readers. If an author wrote the guy made 20 thousand dollars per year, it’d be extremely confusing unless you knew the average wage for the decade.
20 thousand would be super comfortable in 1920, kinda poverty level by 1980
You can live in a different country. I’m not saying “if you don’t like it leave”. I’m just putting it out there as an option. If you can work some basic online job and earn USD but live in a cheaper country your gain a big advantage. I’m sitting at a restaurant in Thailand at the moment. My dinner and beer will total about $5. Been here 12 years now.
Your clothes, food, housing, transport etc all cost way less to you than your ancestors a century ago in the only currency that really matters, hours of labour.
The entire nineteenth century saw the cost of living go down due to the industrial revolution. Productivity soared and people got richer at a pace previously unmatched in history. They even saw the dreaded price deflation and yet it wasn’t the doom and gloom so many still believe it would be.
Imagine the horror of lower priced consumer goods. I shudder just thinking about it.
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