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It's both. There's evidence supporting the idea that COVID relief contributed to inflation, if you'd like I can link the fivethirtyeight article exploring this.
by fugalfervor 4y ago
It's both. There's evidence supporting the idea that COVID relief contributed to inflation, if you'd like I can link the fivethirtyeight article exploring this.
However, I should note that if it were up to me, I would accept inflation to save lives every single time. Without that relief, people would have died, starved, or gone into life-ruining debt. Inflation is unfortunate, but better than the alternative.
- jklinger410 4y ago> There's evidence supporting the idea that COVID relief contributed to inflation The way inflation is being used here is not what it has traditionally meant. Inflation, ie, too much total liquid cash, accompanied by super high prices for labor (and therefore goods) started secretly and dramatically a very long time ago. It's debated if it's the 60s, or some people say as far back as pre or post great depression. That runaway inflation is an old story and has become the norm. The current definition of inflation is "whether the working class has enough money to feel secure." Which is something the market hates with a passion. The market wants all the money in the hands of the rich, so it can be in the market. The market wants cheap labor and an immobile workforce. The market ALREADY thought that the workforce had too much money BEFORE COVID. So they were absolutely appalled at the idea of a stimulus. So what you are seeing described as inflation is really that. Cost of goods are up because of price gauging barrels of oil, which is intentional. The measures taken to "reduce inflation" are actually to get money out of the workforce and back into the market. If you want to look at inflation, look at how much money is being held by the 1%.