Inflation was first felt in spring 2020 when the meat shortage scare started. Beef prices jumped with the rationale being covid hit processing plants and orders to slaughter hogs. Now consumers and businesses see inflation in all goods and inputs they use. Covid is a large excuse to inflate the massive debts the system has accumulated over the decades.
The US economy is a debt based economy with several stages of expansion. Business debt and consumer credit (via credit cards) exploded in the ‘80s and ‘90s. Mortgages aiding consumption expanded in the ‘00s. Higher education debt that maintained consumption habits exploded in the ‘00s and ‘10s. Wages were stagnant for many. To cover this debt, debasing the dollar has been the plan. A problem has been how to get dollars into wage earners hands to mitigate the effect.
Recent job market reports cite low end wages rising as employers scramble…
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