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Status:
"I don't understand. But I don't care, so it works out."
(set 10 days ago)
35,635 posts, read 17,982,736 times
Reputation: 50676
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Quote:
Originally Posted by chucksnee
But you did not mention it, that was my point.
I also didn't mention housing prices going up, and beef prices, and vet care, and restaurant prices, and car repair and purchase prices, and vacation rental prices, ad infinitum.
I also didn't mention housing prices going up, and beef prices, and vet care, and restaurant prices, and car repair and purchase prices, and vacation rental prices, ad infinitum.
Well, yes, I get the question of "how much more inflation can people endure" seeing that as a question of choice, before something must be done.
I just think this inflation has been a very long time coming. But consumer goods, in general, have had a stable price level for a very long time.
Mostly due to sudden demand for goods the world over, still people have choices if they don’t like the price but government isn’t going to solve inflation.
I got a 4 piece chicken at Zaxby's and it was $9.50.
I had to ask.."is that 4 piece ?"
I may go to sit downs instead for lunch. $6.25 at the chinese restaurant for their lunch special and I get bigger portions.
I guess that $15/hour FF wage has to be paid for by someone but it certainly won't be me.
Americans who live paycheck to paycheck can endure less than those who have savings, and live below their means.
Americans who are homeowners can afford a lot more inflation than renters because their home value is rising with inflation.
Americans that don't own homes, & live on fixed incomes like SS or SS Disability, & have no savings cannot endure this for much longer. This is the group in peril.
I can endure more inflation than 98% of Americans, but less than 2% can endure.
Carter stuck it to us. RR was not much better. Only Bill seemed to do a good job bob.
Volcker saved us. Powell though seems very wishy washy and afraid to make moves.
Powell is blaming covid and the supply chain and not his own policy of printing money.
It took Volcker 4 years to conquer inflation.
https://josephgiglio.sites.northeast...r-the-economy/
The no-nonsense, independent-minded Volcker oversaw a program of financial austerity that left a deep imprint on the U.S. economy and financial system. Unlike elected officials, he understood that there are times when you must incur short-term costs to achieve long-term benefits. Volcker is widely regarded as one of the best Fed chairpersons in history.
..
Volcker’s steadfast commitment to his shock therapy and willingness to take unpopular policy actions made him the target of opprobrium by politicians of all ideological stripes. He believed central bankers needed to steer the economy free of political considerations. Protesting his policies, home builders sent the Fed unused two-by-fours, auto dealers mailed keys to the cars for which there were no buyers, and farmers drove their tractors around the white marble Fed building.
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