"We reject adultry, alcohol, acting, fornication, debauchery, and nude beaches. ... I am prepared to die."...,
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a problem only a 'paradox' could solve...,
spending $18000 on a $10000 budget:
I'm glad that the commenters here are so much quicker on the uptake than the poster. It's like Michael Cox, the senior Vice-President of the Dallas Federal Reserve Bank, thinks the solution for poverty was the subprime crisis.
Cox then entertains us with the trivialities of how consumer electronics are cheaper, making inequalities in income and wealth simply disappear: you see, the Consumer Price Index is irrelevant to the task of determining changes in price levels, a basket of goods selected from the Apple Store would be far superior to one that included such trivialities as food, housing, heat, or commuting costs.
Amateur hour at the Vic aside, there's also little things like this:
I will just point out that the data set that he uses, the consumer expenditure survey (CEX) is not very well-suited for this sort of analysis.
The CEX misses a great deal of consumption. This can readily be seen by simply looking at the aggregate statistics. The average after-tax income reported in the survey is $58,101. Average consumption expenditures are $48,398. This implies a savings rate of 16.7 percent. The National Income and Product Accounts data show a savings rate of less than 1 percent. This suggests that the CEX is missing a great deal of consumer expenditures, which makes this sort of analysis very dubious.
That make it more apparent that it's a badly drawn hit piece for a class war only one side is fighting.
:: posted by buermann @ 2008-02-11 09:49:17 CST |