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kelseyfrog 15 hours ago

While we can find extreme examples, we should be hesitant to conclude that they are a representative sample of the population. We should let outliers update our beliefs about means and medians very little to none for population level values.

What analysis that has been done of disparate inflation points out:

> The cost of medical care has more than quintupled since 1983, growing almost twice as fast as the overall price level. The BLS calculates that people 62 and older devote 11 percent of spending to medical care, while the general population devotes 8 percent. Figure 4 shows basket-share differences between older adults and the general population, and the price changes for those categories over the past 10 years. Loading figure 4...

> Older adults also spend considerably more on housing (49 percent versus 45 percent for the general population). They spend relatively less in other major categories, including food and transportation, that had lower rates of inflation than medical care and housing.

https://www.minneapolisfed.org/article/2024/breaking-down-in...

expedition32 4 hours ago | parent [-]

I always believed that we should judge a country on the poorest not the Ferrari owners.

kelseyfrog 35 minutes ago | parent [-]

Then my comment doesn't apply to you because you're not using outliers to inform mean and median.