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This is exactly it. We can get the same standard of living we had 50 years ago while working a hell of a lot less than we did 50 years ago. But of course nobody wants to live that way (myself included).

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I wonder how this true this sentiment actually is. For instance, my house was built in the twenties. Other than internet and a television (which are hardly bank breaking expenses), living in this home is not meaningfully different than it would have been in the 50s. All of my major expenses are things that would have been accessible (if cheaper, eg college education) in the 1950s. Cutting all modern luxuries from my life would hardly move the needle on my ability to “work a hell of a lot less”.

No. This is a myth. Check costs of various expense segments against net salaries and you will see how much certain areas have changed.

Insane example: just the average cost of processing the legally required paperwork for partitioning and buying a plot and get all permits to build is higher for me today than it was for my grandfather in 1960 to buy the land and all materials to build a house. As measured in net income - hours of work after taxes. And I'm in a higher income bracket than he was.

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