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Yeah. In fact, the poorest have a negative net worth due to owing more on debts than they hold in assets so inflation makes them wealthier
by seoaeu 5y ago
Yeah. In fact, the poorest have a negative net worth due to owing more on debts than they hold in assets so inflation makes them wealthier
- yadaeno 5y agoThis would only be the case if wages rose with inflation which they don't.
- throwaway98797 5y agothey do at the bottom. people cant live below a certain threshold. business need employees. it is a combo of gov funds and employment that keeps them alive. see % of walmart employees on food assistance.
- javagram 5y agoThe article notes “ Inflation-adjusted compensation is down in most industries, but there is one notable exception: Leisure and hospitality. That industry's employers are scrambling to find workers, resulting in a 1.6% bump in pay and benefits since December 2019, according to Furman's analysis.” So it really depends on your industry, there are plenty of poor working class who have hospitality jobs.