Musk’s Wealth
2012: $2 billion
2024: $454.1 billion

Bezos’ Wealth
2012: $18.4 billion
2024: $242.3 billion

Zuckerberg’s Wealth
2012: $17.5 billion
2024: $210.1 billion

Federal Minimum Wage
2012: $7.25
2024: $7.25

It’s not the start of an oligarchy. We’re in the thick of it.

@Strandjunker Wait, what would the minimum wage be adjusted for price gouging - sorry, mistyped, inflation?
@FishNamedDog @Strandjunker Inflation is not an objective measure, and even if it was, is only a weighted average. Just as the billionaires’ wealth have progressed very differently from each other, it’s not very useful to use one number for everything from rent to food, and not taking product quality decrease into account.
@ahltorp @FishNamedDog @Strandjunker in Germany we even lessen the calculated inflation due to quality increase ^^ e.g., a car in 2024 is so much better than a car in 1990, doesn't matter that it costs 4 times as much, because you now have ESP, navigation, etc. Even though you maybe don't want a lot of the extra stuff, but you can't buy decent cars without them. So bad luck, prices didn't go up, you just bought more awesome stuff for more money

@freelon @FishNamedDog @Strandjunker Quality increases are often taken into account when calculating inflation, but quality decreases are almost always not. Then someone has to make a subjective judgement how much the quality is worth.

Common inflation measures are useful in a very short timeframe, but very questionable when the timeframe is measured in decades. Most importantly, they should never be used as some sort of mathematical truth. They are a social sciences tool.

@freelon @FishNamedDog @Strandjunker There is one common case where quality decreases are taken into account, and that is if a product that has decreased in quality is supposed to still be considered the same product.