The man in 2012 making less in inflation-adjusted hourly wages than his father did 40 years ago can not buy more with his wages.
This is true. But the figures you cite adjust for Chained CPI, not inflation. Chained CPI is not the same thing as inflation because the basket of goods does not remain constant.
Any purported inflation metric which doesn't come with a starting date is flawed. In fact, people today spend far less of their income on food, clothes, etc as they did 40 years ago.
This is true. But the figures you cite adjust for Chained CPI, not inflation. Chained CPI is not the same thing as inflation because the basket of goods does not remain constant.
Any purported inflation metric which doesn't come with a starting date is flawed. In fact, people today spend far less of their income on food, clothes, etc as they did 40 years ago.