The bad news is our prices will triple or worse for everything we buy. Say goodbye to your savings.
“The bad news is our prices will triple or worse for everything we buy.“
We’ve practically seen that already in the last few years. Even the so-called “2% targeted Fed inflation” is outrageous, generally speaking it is the natural order of things, prices go down over time. Not up. Things get less expensive. Not more expensive.
They also keep making things smaller. A 50 pound bag of lawn fertilizer is now 40 pounds. Then 35. Or a “pound” of coffee is 11.235 ounces. They use ersatz ingredients, fillers, and golly knows what, sourced from golly knows where.
Yep, we’ll be Argentina or even Zimbabwe.
Though I do agree with the author that it incentivizes bad government policies, the welfare state and the creation of a lazy, entitled class of people which leads to a cultural rot.
If you reduce it to it’s essence, the Chinese poor work so ours don’t have to. It is the Chinese (and other developing countries) that fund a big part of our welfare.
It goes like this, we buy their goods with dollars, and they use those dollars to buy our debt (treasuries) that pay for our welfare. They accept dollars for payment because it is the reserve currency, ie, there is a demand for dollars. If the dollar became like the Argentinian peso, the Chinese wouldn’t accept it as payment, and inflation and poverty would skyrocket.
No you watch what you purchase. It is that simple. Perhaps more of the basic items will be made in country.