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>If 7% inflation was a reality, then just about everybody would be massively worse off now than in 1996

I guess you haven't met many 30-year olds living in their parents' basement.

This used to be something to be embarassed of, but now, at least where I live, it is the norm.

Edit: There are also 47 million Americans on food stamps. At least we have cool gizmos now.