You're assuming my "concern" is that the OP is wrong. Which is why i specifically took the time to talk about value being up or down.
I get you're just pissed off for whatever reason, but I'll still try to explain more.
My point is not addressed when calculating the consumer price index because i'm saying that a single selection of prices and goods to produce a single price index does not tell a person what the value of their money is unless they just happen to be literally the median consumer.
Are you going to sit there with a straight face and tell me you buy every single item that is used in that consumer price index? In every city? You're just not being serious if that's the case.
You're confusing a price index that minimizes the error in measuring inflation when applied to a large varying amount of people with what i'm advocating which is a price index that's personalized to and minimizes the error in measuring inflation for an individual. Other people's buying habits and prices for things in places where they live don't need to go into a personalized price index.
It's tiring watching people with no idea what they're talking about repeat the same "what about ..." arguments when professionals in the field have spent decades developing and maintaining models that have been proven over that time to be helpful.
It's also not a coincidence that nearly 100% of the people trying to poke holes in those models are people who disagree with the results generated from them, and that nearly 100% of those people don't have a clue about the topic at hand.
Of course a broad based index that is designed to represent the behavior of hundreds of millions of people is less accurate for you (or me, or anyone) personally than a model based solely on an individual's behavior. I don't know anyone on earth who would argue otherwise.
As a reminder, you started off by making a very lazy statement broadly criticizing a post that included well cited economic data showing that the inflation-adjusted median household income has increased substantially since the 1960s, which was in response to yet another terminally online doomer incorrectly claiming that your average American is worse off today than they were then.
You're now claiming that your issue with the provided data showing that people are overall financially better off today than they were in the 1960s is that that data isn't tailored to you (or any other individual) personally? I think that just demonstrates the validity of my original comment, because that's an absurd criticism.
FYI, you don't need to "advocate" for a personal price index. Track your spending over time and calculate it. If you want get much use out of it, you're going to want to incorporate the CPI data for your metro area as well (which exists and is publicly available) so you can both compare your spending to the median and backfill missing data as needed (for example, historical childcare expenses when you become a new parent).
I get you're just pissed off for whatever reason, but I'll still try to explain more.
My point is not addressed when calculating the consumer price index because i'm saying that a single selection of prices and goods to produce a single price index does not tell a person what the value of their money is unless they just happen to be literally the median consumer.
Are you going to sit there with a straight face and tell me you buy every single item that is used in that consumer price index? In every city? You're just not being serious if that's the case.
You're confusing a price index that minimizes the error in measuring inflation when applied to a large varying amount of people with what i'm advocating which is a price index that's personalized to and minimizes the error in measuring inflation for an individual. Other people's buying habits and prices for things in places where they live don't need to go into a personalized price index.