Stop saying this is inflation.
It’s the result of a handful of corporations owning the majority of food products.
And then realizing people need food regardless of cost, and if they all raise prices at the same time there’s very few other options.
It’s price gouging, plain and simple.
Quick edit:
The graphic is from Faux News…
Obviously it’s going to misrepresent this
Of course it’s bullshit. The sky always has to be falling on Faux News, that’s how they keep the viewers scared, angry, and watching.
MSN puts it at about $50:
Even Snopes puts it at about $50 (last year’s pricing): https://www.snopes.com/articles/464088/kevin-groceries-home-alone-cost-today/
So Fox, as usual, is full of fearmongering shit.
I’m not trying to downplay the idea that stuff is getting too damn expensive, it really is out of hand, just that Fox is garbage.
This is the end game for corporations in a capitalist economy. You start with a bunch of little companies. They eventually winnow themselves out until there’s only a few companies. Those companies then form a monopoly or a cartel and then they dictate prices to the consumers. All the while they’re decreasing their costs and providing the least amount of product for the highest price.
It’s a race to the bottom. Unfortunately this system is all we’ve got.
Yeah this is a bad post. Thanks for calling it out.
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Regardless of the underlying cause, it’s still inflation.
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But wages absolutely have gone up, just not as much as other things like cost of groceries or housing have risen.
Inflation does not require perfectly equal increases across all categories. Nor does it require it to occur ‘quickly’ although it certainly can. It is completely possible for some products/services to even come down in price during periods of inflation. The trend/average is what matters.
It’s absolutely caused by greed, yes…but it is still inflation, by definition.
Edit: were you thinking of hyperinflation? Because that would explain the ‘quickly’ part… But it still doesn’t require all products/services to increase in price identically.
I have to wonder if you’re being purposefully disingenuous to prove a point. The general definition is absolutely appropriate here.
Delete this, this is wrong on so many levels. 1 it’s FOX News bullshit, 2 the numbers don’t even add up. You’re spreading misinformation.
It’s so depressing when you remember that some of the stupidest voters in the country (of which there are a LOT) watch fox news as their only source of news. Has there ever been a larger propaganda outlet throughout history? I guess China and Russia probably have government controlled TV stations that rival it in terms of audience numbers.
This article says these numbers are not correct: https://www.politifact.com/factchecks/2023/dec/14/instagram-posts/heres-how-much-kevin-mccallisters-home-alone-shopp/
To be considered: minimum wage in the US in 1990 was $3.80/h, and it’s $7.25/h in 2023, so 1.91 times higher. If $1 of 1990 equals $2.42 of 2023 (because of inflation), minimum wage should be $9.20/h to have the same purchase power as 1990.
From that article:
Not adjusting for inflation and differences in packaging sizes results in a higher total of $72.63.
So not adjusting the $1 coupon for inflation and not adjusting for things like the smallest TP package today being 6 rolls and the one in the movie being 4 rolls gets awfully close to (actually over) the number from the image.
Given you can’t purchase partial container sizes at stores and coupons still tend to come in full dollar amount values including frequently $1 and don’t have terms that adjust for inflation, I don’t think one methodology here is inherently more correct than the other.
But then it states “Today’s prices are about 2.35 times higher than the average prices were in 1990, according to the Bureau of Labor Statistics.”
This is something I’ve been saying for years. People use Inflation Adjustments that show that, say $1 million in 1970 is $10 million today But the reality is that $1 million in 1960 was a vast fortune that would purchase a Manhattan townhouse, a few super cars, and a dozen small businesses. $10 million today will buy you a decent life, but not staggering wealth.
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I thought minimum wage was 15/h?
Some localities and states. Federal minimum wage is $7.25.
1990? Oh I remember it. In Brazil they wouldn’t be listing the year though, but the month - hyperinflation was raging on, back then. (I remember the 100 cruzeiro coins. They were cute.)
Anyway. The number doesn’t match any pair of prices:
- from '90 to '22 (32y): 224%
- from '22 to '23 (1y): 162%
- from '90 to '23 (33y): 364%
And one detail that they didn’t mention is that +100%~200% between the 90s and the 20s is not a big deal, but +60% in a single year is a big fucking deal. That smells artificial as fuck, reinforcing what people have been saying here about not being inflation but price gouging.
But $72.28 is 364% of $19.83
Where’s their number coming from (I get they might be showing percentage increase, but even -100 didn’t add up)
Where’s their number coming from
Their ass, it’s Fox News.
Sad thing is that a 364% increase from 1990 to 2023 didn’t even feel that big to me. In my country the price probably increased between 1000% and 1500% in this period (considering our local currency). However in USD the same items are probably still cheaper here than they are in America.
So apparently the shop was: 2L milk, 2L orange juice, 2 ready meals, loaf of bread, dryer sheets, toilet paper, washing liquid, cling film, and some toy soldiers
I’m not sure what that would add up to in Brazil (going by your instance), but I’d guess that shop would cost me around £50 in today’s money, which is roughly in line with the amount in the OP (and would have probably been close to half that a couple of years ago)
Looks like the amount in the OP concerts to about 350 Real, but I’m not sure what sort of spending power that has
That’s about a week of minimum wage. If I’m not too far off in my price estimation I think the same groceries would cost half that much here.
This TikTok https://www.tiktok.com/@sellitlikelyons/video/7305957178521750830 I think?
248 %? Where is that number coming from? 1990 to 2022 is 224 % or 124 % increase. 1990 to 2023 is 364 % or 264 % increase. Additionally, the 2023 spike is not because of inflation. Inflation was not 63 % in one year.
What? Are you saying that Faux Noise would tell another bald face lie like the election was stolen or vaccines are harmful?
/s because Fox News viewers are so stupid
Additionally, the 2023 spike is not because of inflation. Inflation was not 63 % in one year.
Why was there a spike in 2023 then?
Edit: downvoted for asking a question.
There is a 63% increase between 2022 and 2023. Why?
You forgot that corporations bad
Corporate greed.
If you’re quoting fox “news”, fuck you.
This is just weak disinformation spreading.
That was 33 years ago. The equivalent of 1957 grocery store prices vs. 1990 prices.
Kids these days. I remember when this was a forest and you could get a piece of pie and a newspaper for a quarter
Lyn Alden’s book Broken Money has convinced me that the issue is that our monetary system is fundamentally broken. A sobering read.
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