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I'm not convinced "rising wages cause run-away inflation". I think that's just a thing that rich people made up to keep from having to pay people. "Buh buh buh
by moron4hire 4y ago
I'm not convinced "rising wages cause run-away inflation". I think that's just a thing that rich people made up to keep from having to pay people. "Buh buh buh the 70s and 80s!" Suuure, dude. Ignore all that was going on in the global political, energy, and technological markets. It was the wages. Totally convincing.
With massive levels of consumer debt and personal savings at an all-time low, a lot of inflation would be a good thing for the middle class right now. Which is why it's scary to the upper class. Not that they can't afford it. But they didn't get where they were without being greedy bastards who can't let a single penny slip through their grasp.
- fundad 4y agoExactly this
- bombcar 4y agoThe key for the lower/middle class is to stop acquiring more debt during inflationary times. Those with fixed loans should keep paying them but not acquire more at higher rates; those with credit card balances are already @#$^$@ as the rates are as high as the usury laws will allow. IF you do this, you can pay back debt with tomorrow dollars that were earned easier.
- kirykl 4y agorising wages follows from inflation, its not a cause
- awkward 4y agoAbsolutely. The current inflation spike is caused by massive floods of money chasing scarce material resources. We have a financial class happy to apply supply and demand to housing and education, but completely ignoring its effect on food and gas.