“Just a reminder, inflation-adjusted wages haven’t risen for the average American worker in over 40 years”.
Inflation is an artificial aberration introduced by government, you may say the FED is not government, but it is certainly married to it..
it is a way of increasing taxes without increasing taxes.
A guy driving a train can’t do it any better or faster than his grandpa did, so he is no more productive than grandpa was. He may have different tools, but in the end he is not 50% better than his grandpa was.
So why give him 400% more money?
“So why give him 400% more money?”
Well, for one reason, if the money is worth 400% less, then you aren’t actually giving him any more money at all.
And there are reasons why his wage might rise independent of productivity. For example, a shortage of skilled labor to do the job.