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The country as a whole is not better off if the wage growth causes inflation and economic slowdown. It amounts to a wealth transfer to those who work currently
by aga98mtl 5y ago
The country as a whole is not better off if the wage growth causes inflation and economic slowdown. It amounts to a wealth transfer to those who work currently from those who retired and now live on fixed income. It's a zero sum game.
Funnily I find that it's the older people who are the most against immigration. Let them enjoy the high prices for anything that involves local labor.
- theonlybutlet 5y agoThat's exactly what I was taught in Uni, and was my go to reasoning. But come to think of it, higher wages and lower rents would benefit younger folks. Seems it's not a one way street and perhaps you and me were indoctrinated.