Still, the case for groupthink and conflating personal experience into macro-trends—two no-nos for economists—is convincing. And there's another factor at work here. In New York in particular, price increases in trademark goods are well-documented in the media: subway fares, Broadway tickets, even fish. And rising home prices, of course, have been the singular New York obsession for several years.
So, let's not envy the rich. They deserve our pity. Sure, their dollars may be more lightly taxed than they were a few years ago. But they don't go nearly as far as they used to.
TODAY IN SLATE
Forget Oculus Rift
This $25 cardboard box turns your phone into an incredibly fun virtual reality experience.
The Congressional Republican Digging Through Scientists’ Grant Proposals
Renée Zellweger’s New Face Is Too Real
Sleater-Kinney Was Once America’s Best Rock Band
Can it be again?
Whole Foods Is Desperate for Customers to Feel Warm and Fuzzy Again
I’m 25. I Have $250.03.
My doctors want me to freeze my eggs.
Smash and Grab
Will competitive Senate contests in Kansas and South Dakota lead to more late-breaking races in future elections?