If you are working and get salary and wage increases to match, you’ll come out ok. Retirees on fixed incomes are the ones that really get screwed, especially if they are renters.
Since it will cost more to do business, then expect more employed people to lose their jobs.
This is not a good thing. It is really bad.
We have inflation under President Carter and it was devastating in the last 1970s.
Home prices will fall, because mortgage rates will go up.
Higher interest rates suck excess money out of the economy. Except banks are not lending so there is not a lot of excess cash out there.
Nope the Fed decreasing the purchasing power of the average American, and increasing the cost to do business is NOT a good thing for anyone.
It will also make the void between the highest and lowest income workers look like it is growing astronomically.
They are killing off the middle class.
This especially will go over well in a country full of rioting and societal unrest.
If you are working and get salary and wage increases to match, you’ll come out ok.”
Which means only gov workers.
Wage increases in salary just means chasing higher and higher prices in a laggard way, it will “come out OK” only if you squint, and onlyin nominal numbers on paper. Monetary Inflation is a kind of tax.
The truth is ordinarily prices over time go _down_, not up, generally speaking. We’re being robbed, essentially. All sorts of jiggery-pokery is invoked to try and dance around this plain fact. Hedonistic adjustments, substituting margarine for dairy butter in the CPI.
Hell, they don’t count food, energy, or housing costs in the official inflation numbers. Anybody who claims 2% avg monetary inflation over the years is smoking their socks. Now they want to kick it into overdrive apparently.