Ever heard of positive feedback? Better known as the snowball effect? Inflation causes wages to rise which causes inflation, which causes wages to rise which causes inflation, which causes wages to rise,... ad infinitum.
Price controls do nothing to increase productivity, which is the correct answer if we want to improve people’s standards of living we need to improve productivity. People who operate computers and backhoes get more done than people who operate pencils and shovels.
I have been told here the reason companies cant find workers is because wages are too low, not because people are too damn lazy and would rather live on the dole.
So what is it?
Bull. Increases in wages cause inflation at the margins. Frankly most of what we by buy little labor goes into it. Even fast food labor is only 30-35% of total cost to the retail consumer.
The article has reference to the minimum wage.
A rising tide raises all boats
Therefore, all wages will be forced to rise until the market can no longer support the existence of businesses and any wages
The inflation we are seeing has nothing to do with rising wages.