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A true graph of average income?

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djlogiq Posted: Mon, Nov 26 2007 9:03 PM

Does there exist, or can someone create, a graph that accurately shows the trends in average income over the period 1950-present in the US, factoring in the ever decreasing purchasing power of the $, especially after the abolition of the gold standard?

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Thorgold replied on Tue, Nov 27 2007 12:21 AM

 There does not exist such a chart.

To make a chart like that one would need true statistics for M3, and if you think that even pre-coverup M3 stats from G are true, then you should also believe in snake oil and bying bridges.

Secondly, the price-inflationary effects of true monetary inflation are discounted by substitution of goods of lower quality for goods of higher quality. This effect needs to be correctly charted first, against a true chart of M3, to determine how much of M3 expansion had poured in price inflation of the same good. I am afraid this part cannot be done.

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