In the rich world(and esp. the United States), we are living inatime that is unprecedented in human history, namely for the first time ever luxuries(the $200 smart phone, tv etc) are cheaper than necessities(food, shelter, healthcare etc). Thats not to say necessities haven’t been more expensive in the past, obviously throughout most of human history they have been, but never before have they been more expensive than luxuries.Ican geta47” tv for $500, meanwhile the average rent in Pittsburgh(a relatively cheap city) fora2 bedroom apartment is $750…meaning thatagigantic TV still costs less thanamonths rent. Meanwhile, in the 1960saTV cost about $500(1960s dollars), and the average rent in Pennsylvania(I couldn’t find anything for Pittsburgh specifically) was $62, even rounding up to $100 fora2 bedroom place in the city means thataTV costed5months rent…so in the span of 50 years the price ofaluxury item(a TV) has dropped almost 700% compared to rent….. so yeah people can complain that millennials are buying “luxury” items instead of paying rent, but that may very well be because the “luxury” items are all they can afford with their salaries.
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