The "It Takes More Dollars For Most Things" Myth
(Edited)
Many seem to believe that things cost more dollars than they did in the past. This is either stated out of ignorance or some kind of agenda. Most people took the time to go through their budgets today compared to 40 years ago.
In this video I dispel this myth by looking at both technological progress and one of the biggest factors overlooked: the idea of free.
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BEER.@taskmaster4450le bravo sir...I really learnt alot from your video...you made so many valid points that are food for thoughts...
I believe that everything goes in proportion
For example, if your income is now 10 thousand dollars and you spend 100% of your income
If your income is a million dollars after 100 years, your expenses will be a million dollars
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That is why everyone needs to always learn to create budget for whatever they do so that they can be able to save parts of their income and not spend the whole income,spending the whole income which you earn is not good at all because we need to learn to save for the rainy days...
The problem most people have is they sped 105%-110% of what they earn. Thus they are always in debt, no matter how much money they make.
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That is true,they engage in overspending which causes alot if debts for them and even make them become so bankrupt .
That's pretty much the case all over the world. Temptations are way higher, you have so much stuff around, people get credits and they live their whole lives in debt. I don't see any problem with that if it's not stressful. At this point though I would only take a credit to invest that money in something that would make me money. I would take credit for crypto as well.
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@taskmaster4450le I believe it is stated out of ignorance....they say things without having proper knowledge about what they are saying,the annoying thing is their opinion mislead alot of people especially those who believes totally on public opinion ...
I think the biggest issue is that everyone looks at things in relative to others. So in this point of view, that guy has something 10x better than me so it means I can purchase less. Whereas if you compare that same thing to 10 years ago, it is worth 100x because it leagues beyond what you could get then. Technology is just rapidly improving faster than people can recognize.
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Summary:
In this video, Task critiques a comment about inflation left on a public thread, expressing his disagreement with the notion that everything is becoming more expensive due to inflation. He breaks down various aspects to illustrate how advancements in technology, automation, and globalization have actually led to deflation in many areas. Task uses examples like the cost of communication, electronics, healthcare, and transportation to show how the purchasing power of money has increased over time. He emphasizes the impact of innovation in reducing costs and improving the quality of products and services.
Detailed Article:
Task starts by addressing a comment on inflation, emphasizing his disagreement with the perspective that everything is becoming more expensive. He mentions a comment made in Leo Market Talk by TBNFL4Sun which he believes is a common but misguided opinion held by many.
Task focuses on the evolution of communication, citing the example of sending messages for free online compared to the cost of physical mail decades ago. He highlights the decrease in long-distance phone call expenses over the years, showcasing a significant decline in costs associated with communication.
Moving on to technology, Task illustrates the substantial decrease in the cost of laptops and smartphones, emphasizing the increase in capabilities of these devices compared to their prices. He also discusses the deflationary effect of advancements in the semiconductor industry, despite the crucial role of semiconductors in numerous modern products.
Task then delves into the improvements in the automotive industry, such as longer-lasting cars with advanced safety features, better gas mileage, and reduced defects due to automation and robotics. He contrasts the quality and longevity of cars from the past with modern vehicles, pointing out how the price increase is justified by the enhanced features and durability.
The discussion extends to other sectors like healthcare, education, and entertainment, where Task argues that the advancements and access to services have offset any perceived inflation. He mentions the impact of innovation on healthcare outcomes, the availability of free educational resources online, and the cost-effectiveness of streaming services compared to traditional entertainment expenses.
Task emphasizes that while certain specific items may have seen price increases, the overall trend across various sectors has been deflationary due to technological advancements, automation, and globalization. He disputes the traditional measures of inflation like the Consumer Price Index (CPI), suggesting that they do not capture the full picture of cost changes in a digital and technologically advanced society.
In conclusion, Task urges viewers to consider the broader context of technological progress and innovation when assessing the impact of inflation on their daily expenses. He highlights the role of investment, research, and development in driving down costs and enhancing the quality of products and services over time.