Posted on 10/13/2021 1:40:07 PM PDT by JV3MRC
The leftist pundits in the media are twisting themselves silly trying to spin the terrible economic situation in an attempt to save President Joe Biden. A new Bloomberg Opinion op-ed actually tried to argue that high inflation is a good thing for America.
Bloomberg Opinion columnist Karl Smith actually had the audacity to publish a nonsensical article headlined, “America Needs Higher, Longer-Lasting Inflation.” His sub-headline was just as ridiculous: “The benefits of moderately rising prices and wages outweigh the costs.” His main argument was that “a higher rate of inflation, and correspondingly higher wage growth, could be a net positive for the economy.” Such commentary is absurd given that the Senate Joint Economic Committee (JEC) just conceded that if “high inflation persists, it will harm American families by decreasing their purchasing power.” But in Smith’s view, economists and central bankers should cease wondering whether inflation will deflate back to the Federal Reserve’s two percent target and consider “whether the Fed should strive to make 4% inflation permanent.” Uh, what?
(Excerpt) Read more at newsbusters.org ...
They want a rerun of That 70’s show?
The fedgov needs high and sustained inflation to repudiate the debt. But that only works if spending is under control and the operating deficit as a percentage of GDP is declining.
Ok, you can stop laughing now.
Further proof of why one should NOT drink the Bong Water.
Wage "growth" follows prices, which increase first and faster than wages. That's where the term "inflationary spiral" comes from. You don't ever catch up. You do end up with worthless currency and nothing for it to buy.
The inflation we see is caused by the government creating more and more fiat money. This leads to “too many dollars chasing to few goods”. Higher wages are not pushing inflation. Jeez. Leave the workers alone. Don’t blame them for insane monitory policy.
Wages NEVER keep up with inflation so the next result is a loss of buyer power. There no way for a society to inflate itself to prosperity.
This must be the Uniparty line.
Inflation is great for about 2% or less of the population.
If you have a lot of debt on a low interest fixed interest loan and you have a really good secure job.
You will be paying back your loan with cheap money while your rate of pay rises.
But for most people the high inflation rate devalues their savings and their rate of pay does not keep up with inflation.
Me personally I was going to retire soon and take my retirement pay as an annuity.
But now I am probably going to take a lump sum and role it into an IRA.
Double digit inflation would quickly erode my retirement income away to nothing.
Anyone with even rudimentary observation skills can see that we already have Double Digit inflation.
Get ready for a rough patch folks.
Sure, why not.
They got 100 Trillion or so in debt to inflate away.
Keep in pumping
median home price over 270K
median family income 69k
4:1 and that’s just the start
Let it all burn . . .
Did he come up with this on his own, or did some 5 year old convince him this was a good idea?
"Pluribus" is misspelled.
How else is Fed.gov going to get rid of $29 Trillion of nomial debt, and $150 Trillion of unfunded liabilities?
The benefit is to the government and the super rich individuals who got rich through their connections.
High inflation renders savings null and void, making you poor and dependent on government.
Inflation makes the sacred numbers go up, (GDP, DOW) leading to the illusion of rising prosperity.
Bracket creep progressively steals more and more of the earnings of anyone who is working.
Inflation destroys the middle class, which is what they want.
That is classic! I want Bloomberg or whoever, to show me which jobs are going to ultimately have a 555% pay increase?
Inflation is good.
Government spending doesn’t cost anything.
Insulting white people is not racist.
The border is closed.
“War is peace.
Freedom is slavery.
Ignorance is strength.” - Orwell
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