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Your argument only makes sense if you are getting pay raises that are commensurate with inflation. Not everyone is. Some people might lose jobs (or not get on
by throwawaymaths 4y ago
Your argument only makes sense if you are getting pay raises that are commensurate with inflation. Not everyone is. Some people might lose jobs (or not get one amidst a hiring freeze) because the nominal non labor cost of operating the business might go up than they can increase prices (or labor costs could go up because other employees are demanding raises).
>the value of their home has increased significantly
This causes their property taxes to go up, too, adding to the pressure.
> The main losers seem to be renters
Home ownership rates are decreasing; and you really forgot people on fixed incomes or no incomes (living on the street).
- jliptzin 4y agoOf course, no one ever expects renters to do well in the long run economically in a capitalist system, regardless of what the inflation rate is. And same is true for people living on the street. Those groups don't do that well in any economic cycle, that's why the conventional wisdom has always been try to own a home. I am talking about middle class mortgage holders, people who do own homes. For the first time ever it seems like they are the ones coming out on top in this economic "crisis" but they seem to be the ones complaining about it the loudest.
- throwawaymaths 4y agoI was complaining about inflation when I was making 26k and working more hours than was "legally allowed". I was also complaining about inflation when I was Lyft driver. I promise you other Lyft drivers were worried about inflation too.