According to the rhetoric from Democrats, the poor are getting poorer. The problem, as usual, is that this ignores the facts. Source: https://www.humanprogress.org/the-simon-abundance-index-2020/
The time price denotes the
amount of time that a person has to work in order to earn enough money to buy
something. To calculate the time price, the nominal money price is divided by
nominal hourly income. (We got the former from the World Bank and the International
Monetary Fund, and the latter by combining the World Bank’s GDP figures with
Conference Board’s estimate of annual hours worked.) The average time
price of 50 commodities fell by 74.2 percent. That means that for the same
length of time that a person needed to work to earn enough money to buy one
unit in our basket of 50 commodities in 1980, he or she could buy 3.87 units in
2019. In other words, the average person saw his or her level of abundance rise
by 287.4 percent.
Figure 1: Time Price Toolkit (1980-2019)
