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 …
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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 …
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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 …
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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.
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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 …
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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 …
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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 …Show this thread -
9/ The way I explain it is that your thesis is wrong.
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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 termshttps://twitter.com/braxton_mccoy/status/1317202794953142272 …
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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 >>>
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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!
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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 …
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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 …
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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
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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 …
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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 …
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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 …
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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 …
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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 …
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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 …
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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 …
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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 …
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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 …
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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.
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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 …
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29/ Yes / yes / no What do I get out of them?
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I like fighting.
https://twitter.com/jtcbrule/status/1317235507437457409?s=19 …Show this thread -
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 themhttps://twitter.com/braxton_mccoy/status/1317241908696018945?s=19 …
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