10 Matching Annotations
  1. Nov 2025
    1. On the erosion of middle class America. Poverty line is around 140k if actual costs taken into account. The 1960s benchmark assumed cost of food to be 1/3 of overall costs. Now it's 7% or so, meaning 1/15 of overall costs. This pushes up the poverty line to 5 times the level used, or some 150k USD pa

      Example of a proxy being used as 'measurement' and the assumptions in a proxy never re-evaluated.

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