Morgan Housel

And have you seen the price of college?

And yeah, that might be true because the price of TVs has gone down.

But have you seen the price of rent and housing?

Like at the individual level, these statistics don't really mean that much and never have.

I think a lot of economists get into a problem with that when they're like, well, statistically, X, Y, and Z has happened.

But ignoring the psychology and the individuality of like what's happening actually on the ground in people's heads and how they spend their money, there's just endless amount of nuance there.

in here and so i think it's it's always been true that we live in a world where over long periods of time there's good economic growth we become wealthier would be that we have bigger better things we have more income we have better medicine it's equally true too that like there is always something legitimate to complain about and it's legitimate to complain about it's not just like oh you should be more grateful it's a real thing and

And so when I look at a graph like this, actually what, like if I was thinking just like with my math head, I'd be like, oh, there's been quite a bit of growth for the last 25 years.

Like the growth has been gone up and down, but it's growth.

You know, never in this chart is growth below zero.

It depends.

I mean, it's at the end of our rich, are the rich getting richer?

Yes.

Are the poor getting poorer?

No.

Statistically, no.

I mean, it depends what period we're talking about here.

There was about a 20 or 30 year period where the answer was unequivocally yes.

There was an interesting trend over the last 10 years where in percentage terms, the group of wage earners who had the highest percentage growth were actually the low wage.

That was true for two or three years after COVID, where if you were a minimum wage worker,