Pharma $$$$
Worst of the G7

Is this even true?

It's shocking that a trained economist would say that inflation doesn't hit poor people the hardest.

Most of the not-poor have a) debt, b) money in the soaring stock market, and c) earning power; they can demand wage increases because of inflation. So, they basically win in all categories.

What about the poor? They've got a) debt, b) $0 in stocks, by definition, and c) no earning power; likely minimum wage. So, the only positive is their debt. They lose out big-time because their wages can't keep up with rent, food, utilities, car prices, and fuel.

Also, note, that their wages must go up by more than the inflation rate for them to not fall behind. For instance, if their marginal tax rate is 20% and the inflation is 40% in two years, then their income has to increase by 50% in that time! So, how many poor people have had that experience recently?

Comments

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Your Information

(Name is required. Email address will not be displayed with the comment.)