Automation economic benefits should've manifested as deflation. That's what you'd expect to happen: the costs of doing things are coming down, so should the pri

Automation economic benefits should've manifested as deflation. That's what you'd expect to happen: the costs of doing things are coming down, so should the price. But the prevailing economic theory is that "deflation is bad". The Fed and the financial class have been printing money relentlessly and have been squeezing all the juice of the economic benefits of automation by taxing it with inflation. The zero rates of the last 20 years have not reflected price stability, they reflected moving goalposts and strong technological deflation (which should've benefited the common people) coupled to high monetary inflation which was only allowed because of the technological deflation. When you look at where did most of the money gained from technological innovation went - where all the newly found wealth was spent - the answer is obviously houses. The landlord / banking class have been printing money relentlessly inflating a bubble of the assets they hold, and they could only afford to do it because they absorbed the rising economic power of technology. You slave away while they get to print money. We have effectively two tiered society. For the common people, a dollar is a dollar. For the financial class, a dollar is actually ten dollars, held with leverage and then bailed out by the Fed when it blows up.