Will it cost us more to buy stuff? Absolutely, but we’ll also be able to afford it because of higher wages,”””
Don’t know your age, but you are forgetting about a significant part of the USA population.
Retirees re often in need of AC due to their health problems. Even if we can afford the AC unit, the cost of running it can cost extra $300 a month.
FYI: We retirees are getting a .3% POINT THREE PERCENT soc sec raise this year. That is $3 on a Thousand dollars. With a total annual increase of $36 in 2017, I cannot afford either the AC unit nor the extra power to run it.
THIS one problem solved will NOT lead to Full employment. Get a grip.
“THIS one problem solved will NOT lead to Full employment.”
And yet it DID lead to full employment in the day of Henry Ford until the crony capitalists crashed the market.
Also, a lot of pension plans’ payments actually decrease each year, as the principal is drawn down. Some years, if the funds are in the stock market, growth may offset the decline, but in the cases I am familiar with, usually the overall trend of retirement income is a decrease with the age of the recipient.