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Doesn't inflation affect wealthy people more, since any cash they have would go down in value? If it's true inflation income should go up with it.
by ajmurmann 5y ago
Doesn't inflation affect wealthy people more, since any cash they have would go down in value? If it's true inflation income should go up with it.
- AnimalMuppet 5y agoIncome goes up after it. Inflation hits, and then later your income goes up. That hurts. The closer you are to the edge, the more it hurts.
- ffdhghggg 5y agoWealthy people do not own much cash. Wealthy people own assets. The poor also do not have much cash, they consume goods to live. Inflation increases the value of assets relative to consumption. Inflation increases the gap between the wealthy and the poor. Deflation reduces the value of assets and makes consumption more affordable. Deflation reduces the gap between the wealthy and the poor.