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> But I don't see how minimum wage could be inflationary, but if it were it certainly wouldn't be enough to "wipe out savings" - that requires hyperinflation.
by whateveracct 6y ago
> But I don't see how minimum wage could be inflationary, but if it were it certainly wouldn't be enough to "wipe out savings" - that requires hyperinflation.
Inflation is a boogeyman. I heard a friend of mine not wanting any sort of covid stimulus checks because it would make his and his family's savings depreciate.
- kyuudou 6y agoHuh? Inflation is very real. The dollars I saved from 20 years ago buy a lot less across the consumer spectrum. Prices don't go up, the money's purchasing power goes down. That is not a "boogeyman", it's theft by the inflation tax.
- whateveracct 6y agoyes it's very real, but it is used as a black-and-white "any and all inflation is bad" thing like in my example, especially when discussed on its own instead of holistically combined with things like economic growth and interest rates and other things.