We're all familiar with that philosophical debate of relativity versus absolute, but my question is with respect to the LIM. It bears no relationship whatsoever to the cost of avoiding material deprivation. If the cost of living were to triple, that would not, all other things being equal, have any impact on the LIM, because the LIM does not measure the cost of living. It measures exclusively the relationship between low-income people and median-income people. Is that accurate?
On October 20th, 2016. See this statement in context.