How much have prices changed for various goods and services since 1997? Let’s look at that while comparing the cost of medically-related services to other common goods and services.
It is all relative to the change in wages. If something you want to buy went up by more than what the wages have, then we consider ourselves as poorer now than in 1997. We can buy many more televisions, cars, and clothes now than we could have in 1997. But, we can buy less gasoline, hospital services, and college tuition now. If you are in need of a college education or hospital services, then you would be far better off living in 1997. If you want to buy cookies, cars, or cell phone service, be happy you are buying today.
Hospital services: Services provided to patients during visits to hospitals, ambulatory surgical centers, or other similar settings. This is a subcategory of Medical Care.
Medical care: Includes all commodities and services related to medicine. This includes drugs, doctors, hospitals, home care, etc. For a full description, see: BLS
Physician’s services: Services by medical physicians in private practice, including osteopaths, which are billed by the physician. Includes house, office, clinic, and hospital visits. This category excludes ophthalmologists.
Housing: Includes both cost to own and rental housing. CPI rates for both ownership and rental are very similar.
I am happy to note that the Bureau of Labor Statistics tracks the prices of cookies.
^ Written by Steve.
\/ Also written by Steve. (sigh)(head shake)(smirk)
Cookies: Cookies are an important subcategory of Food.
((Steve is an important subcategory of people. He does make me smile. <- Written by Jennifer))