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It is a wealth transfer from people who currently have cash and earn cash (workers, since increases in pay lag the rate at which currency loses purchasing power
by lotsofpulp 2y ago
It is a wealth transfer from people who currently have cash and earn cash (workers, since increases in pay lag the rate at which currency loses purchasing power) to people who have assets and COLA adjusted annuities (wealthy people and old people).
- Schiendelman 2y agoAssets and cola adjusted annuities also lag. They may lag less, but that's a discussion to have. Real median wages have gone up more than inflation has over the last few years. It's just not evenly distributed.