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In a NYT article which perhaps was meant to boost poor Americans' spirits that despite their horrible economic plight (because, you see, the past five years of Fed monetary easing - which explicitly allowed US politicians to avoid engaging in much needed and very unpopular fiscal reform - only focused on helping just the wealthiest - sorry very much, better luck next time) things really are quite great because, through the magic of hedonics, most things are really cheaper than ever.
Since the 1980s, for instance, the real price of a midrange color television has plummeted about tenfold, and televisions today are crisper, bigger, lighter and often Internet-connected. Similarly, the effective price of clothing, bicycles, small appliances, processed foods — virtually anything produced in a factory — has followed a downward trajectory. The result is that Americans can buy much more stuff at bargain prices.
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