My parents paid $16,000 for the house I grew up in. It’s now worth $783,000 on Zillow.
Sounds like they made a fortune, right?
In gold terms, that house cost 450 ounces in 1962. At today’s gold price, it’s worth 250 ounces.
The house actually lost value.
Politicians get away with robbing working class people blind because most people don’t realize their nominal gains aren’t real gains.
They think they’re inflation-adjusted rich, but they’re not.