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> Inflation is a hidden tax on the common people This article is wrong from the first sentence. In the United States, most "common people" have no savings of a
by ForHackernews 6y ago
> Inflation is a hidden tax on the common people
This article is wrong from the first sentence. In the United States, most "common people" have no savings of any kind and carry significant debt burdens. Inflation benefits debtors at the expense of creditors. If you owe $10,000 in credit card bills you can never pay, you should be praying for higher inflation.
This notion that somehow inflation (which has barely existed in the last decade or so anyway) is devastating the meager savings of salt-of-the-earth folks is nothing but a pernicious lie promoted by crypto/goldbug ideologues.
- another_sock 6y agoThis doesn't make any sense. Yes, people who loan out assets are penalized, but so are the salt of the earth people who watch as their money buys less food, utilities cost more, car repairs cost more, etc. Just because it's bad for predatory parasites doesn't mean it's not bad for normal people.
- brink 6y ago> If you owe $10,000 in credit card bills you can never pay, you should be praying for higher inflation. So you're praying to punish responsible spenders for your irresponsibility. And if inflation does go up, don't expect your pay at your job to magically go up with it. Inflation will not save you from poor decisions.
- Bootvis 6y agoUnfortunately, wages, and especially low wages, are sticky because low earners tend to lack bargaining power.