President Biden criticized news coverage of the U.S. economy as he faces growing backlash from voters over his handling of inflation. In brief remarks Saturday before boarding the presidential heli…
I think that counts as economics 102. I’ll freely admit that I don’t have the necessary knowledge to debate you on this level.
What annoys me is that the typical level of economic discussion on lemmy is “they say inflation is back to normal and yet things are more expensive than they were in 2019. GOTCHA.”
Yeah that annoys me too. The biggest gap in understanding is that inflation is a measure of velocity. So you have one side expecting prices to fall and the other side expecting wages to magically beat the baked in cost of living increases from previous years after a few months.
One way to make it clear is to take the inflation of the median wage and compare it to core inflation. By that measure wages are down 139 points since 1974. Mild deflation while wages hold steady wouldn’t be an inappropriate way to fix that gap without printing more money or taking anything directly from the wealthy. (Something America is historically bad at.)
I think that counts as economics 102. I’ll freely admit that I don’t have the necessary knowledge to debate you on this level.
What annoys me is that the typical level of economic discussion on lemmy is “they say inflation is back to normal and yet things are more expensive than they were in 2019. GOTCHA.”
Yeah that annoys me too. The biggest gap in understanding is that inflation is a measure of velocity. So you have one side expecting prices to fall and the other side expecting wages to magically beat the baked in cost of living increases from previous years after a few months.
One way to make it clear is to take the inflation of the median wage and compare it to core inflation. By that measure wages are down 139 points since 1974. Mild deflation while wages hold steady wouldn’t be an inappropriate way to fix that gap without printing more money or taking anything directly from the wealthy. (Something America is historically bad at.)