It's much worse than that.
Not only has the price of a $4 jacket gone up to $100 (as you noted), but we have also been robbed of all the productivity improvements that SHOULD have driven the price down. So that jacket shouldn't be costing $100 today. It should be costing something more like 50¢.
If I've done my math right, that would mean that 99.5 percent of the dollar's worth has been eaten up by the government.
Yes, wages are higher than they were in 1913, but they aren't ONE HUNDRED AND NINETY NINE TIMES higher, which is what it would take to offset the harm that's been done.
Thank you Federal Reserve.
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