
That would only be true if what people had to spend their money on stayed the same, and the author goes through great detail showing that the individual components of what people have to spend their money on to “exist” (i.e. a minimum cost of economic participation) have changed drastically in 60 years. Not only that, some of those pieces (child care, health care, higher education) have increased in cost breathtakingly faster than inflation. Sure, you could reduce that to a statement that “therefore the inflation metric is wrong,” but the author goes on to show what a better, more representative metric would look like and tell us about the economy, and that’s a good discussion mostly orthogonal to whether the inflation calculation is correct.

Eh, average is an ambiguous term. While in statistics it often means “mean,” it can also mean “median” or “mode,” and I would argue the layperson saying “average” intends it to mean “typical,” which is closer to median (or even mode). And in that case, those 85 percent would not be smarter than average.