Earlier quoted context omitted.
We had supply shortages because all the slack has been taken out of systems to "improve efficiency", which was an entirely predictable, but accepted trade-off of those decisions. High inflation isn't the fault of people barely scraping by, its a reaction to supply disruptions worldwide. I expect 10% inflation for the next decade, because of demographic shifts and deglobalization, in the US. The rest of the world will…
Inflation is already falling well below that 10% threshold, even in nations with higher inflation than the US (e.g. the UK and Europe). That said, a decade of 10% inflation would be an awfully cruel joke for millennials, who experienced the worst recession since the Depression around the time they graduated university, a decade of stagnant wages, another recession and global pandemic, and then, even if they managed t…
Yes, it will be bad for all of us. I've lost the ability to earn an income due to long covid, yet my income is likely to be constrained to the meager cost of living adjustments that are wrangled out of a reluctant Congress in the remaining years of my life... should I make it to age 62 in 3 years to finally get "early" social security.
There will be wage growth roughly in line with inflation, so those who can participate in the labor force won't have it as bad as I will.
I wish you all luck.