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Inflation helped you to escape poverty by reducing the purchasing power of other people's wealth so that you could catch up.

• robotresearcher 9y ago
  Invested wealth grows faster than inflation, almost always. Wealthy people are disproportionately protected from the effects of inflation because they can invest more. Poorer people spend their income.
  • learnstats2 9y ago
    Without inflation it grows even faster. Warren Buffet literally describes inflation as a tax - I agree with that. Taxes are [should be] a way of redistributing wealth more fairly. Responding to your later edit: yes, wealthy people have more opportunities that come from wealth, and therefore can expect their wealth to collect more wealth disproportionately quickly. Inflation does work to correct this.
    • skookumchuck 9y ago
      Inflation is a tax. You're also explicitly taxed on the fake capital "gain" from inflation.
    • deleted 9y ago
      [deleted]
• jacobolus 9y ago
  Indeed, inflation is a way of transferring wealth away from the wealthy, and helping debtors (people with student loans, auto loans, mortgages, credit card debt, etc.) and the poor (people without money saved). It also correlates with reduced unemployment. A legal change to make minimum wage track inflation and dramatically increase (double?) the currently unlivable federal minimum wage would also be helpful though, as would restoring workers' rights (especially collective bargaining rights) which have been gradually but systematically eroded for the past 40 years.
• seymour333 9y ago
  Not even remotely true. Getting a post-secondary education, learning to be financially responsible, and not fucking up in any major ways (debt, crime etc) are what helped me escape poverty. Also the support of government programs that helped to fill in gaps when I was struggling