One benefit to living in inflationary times is it will make it easier to kill stupid ideas put forward by the government and industry — they will get too expensive due to cost over runs, and end being canceled.
Inflation 📍
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NPR
Surging prices are steadily chipping away at Americans' buying power – as well as President Biden's approval rating.
The Labor Department reported Wednesday that consumer prices were 6.2% higher in October than a year ago. That's the sharpest increase since November of 1990.
Price increases were widespread, with energy, shelter, food and vehicles all costing more. Excluding volatile food and energy costs, prices were up 4.6%
Much of the upward pressure on prices is the result of a mismatch between booming demand and limited supply, as businesses struggle to find both parts and workers.
Many employers have increased pay in order to attract more workers. But growing paychecks have quickly been eroded by the rising cost of gas and groceries.
Inflation, the monster that eats everything, good or bad 👹
Inflation, the monster that eats everything, good or bad 👹
IInflation makes everything more expensive, meaning that people cannot afford as much and must cut back. Previously affordable things must be scaled back, regardless if such scaling back is good or bad.
Inflation encourages conservation and cutting of wasteful spending but at the same time not all spending is bad. It encourages smaller cars and more insulation. It encourages people to reevaluate their budgets and work to live more within their means.
Inflation means that some very good government programs like college tuition programs or open space conservation will be killed off or reduced. Public programs often are victims of inflation as budgets are busted.
NPR
Economists may know (and even agree) that the current inflation is attributable to the pandemic and its aftermath: sluggish supply chains, reluctant workers, shortages and interrupted energy deliveries. We also know the government has mainlined trillions of dollars in buying power to consumers since the spring of 2020. Price hikes might be considered all but inevitable.
But one of the lessons from inflationary eras past is that voters are less interested in causal responsibility than in forcing a change. In other words, if you are in office now, you are holding the bag.