I mean, I could handle the prices going up if wages went up in equal proportions.
Not only could you handle it, it’s actually beneficial. Inflation - if matched with equivalent increases in wages - eats away at debt over time, because your debt is locked in at the point where you take it on, but your buying power relative to that debt continues to increase.
Our enemy is not inflation. Inflation can be our friend. Our enemy is stagnant wages that no longer rise in step with productivity.
Everyone needs to see this graph and really understand what our problem is.
1972… the pride and joy of the united states, richard nixon
Seems like we should really stop hiring shitty actors to play dress up as president
and stagnant wages are a product of capitalism’s profit over people mindset.
the problem is capitalism and it needs to go.
Let’s not forget around 1971 is when the USD got off the gold standard. This allowed the US to print more money and that surely never caused any problems.
What do you have to say about this?
https://www.reddit.com/r/badeconomics/comments/6rtoh4/productivity_pay_gap_in_epi_we_trust/
These bits particularly stood out to me:
The graph only includes the lowest paid 80% of the workforce production/non-supervisory workers. When using all workers, which is what you want to know if labor is lagging productivity, you must use all workers or else you aren’t measuring pay vs. productivity! In fact, EPI uses all workers in another graph and shows the gap decreasing significantly. Strangely, that’s not the graph that gets passed around. The headline and wage-inequality graph gets passed around. Savvy move on EPI’s part, I have to commend them.
The graph uses average hourly wages which does not include overtime, bonuses, shift premiums, and employer benefits…The graph provided ignores (better said, partially reflects) the growing share of compensation in benefits, not wages.
The graph uses the slow moving NDP to deflate output, while using the fast moving PCI to deflate compensation. NDP is chained, but CPI is not.
I think that even if every single assertion that person makes is taken, prima facie, to be completely 100% accurate and correct, it would still only modify my previous statement to “Our enemy is stagnant wages that - for the overwhelming majority of all workers - no longer rise in step with productivity.”
I’m really not clear on how that’s all that much of a difference. Good for the few people who lucked out I guess. The linked comment actually wraps up by saying the graph only demonstrates rising wealth inequality, which is, you know, the entire fucking point of the god damn graph, holy shit, where the fuck do they think people are claiming the lost wages went, into fucking space?!?!
I’d ask you if you rent or own your property. Are you able to buy as many groceries now as your parents could on similar budgets, inflation inclusive?
Because I know the answer, I’d suggest you look past statistics at this point and examine yourself and those around you, see if you’re able to accomplish more, or less, than your predecessors seemed to.
I have my biases and bents. I encourage you to do your own research and conclusions, vs parroting “experts”.
I’d ask you if you rent or own your property. Are you able to buy as many groceries now as your parents could on similar budgets, inflation inclusive?
Gotta say, I’m not impressed with seeking anecdotal evidence being the go-to response.
What if I tell you “yes”? Somehow, I doubt your response will be to concede the argument.
I’d suggest you look past statistics at this point
Speaks volumes, that.
Does it?
but then how would you move money from down here to up there?
I know there are more important things to say about this receipt, but since everyone has already said them:
Wow, look at that receipt. So simple. Actual ink on actual paper. No coupons on the back. And one line per item. No “price - savings = real price!” bullshit or anything else. I long for that kind of simplicity in even the little things in life.
This is why I use Keyhut for my POS. FUCK THE NEW SHIT!
I remember beans being that cheap, hell I remember a few years prior to that Tesco would sell them for less than 10p. Now it’s like £1-£1.50 for a single tin
Something has gone very wrong somewhere
I remember 9p beans! Everything is ludicrously expensive now
I was about to comment I remember similar figures…was that knock off brand though?
actual inflation should be based on food prices. i think
That 84 pence Beefburger x4 must have been quite a sight to behold.
Made from 100% burger
“Beef” was the name of the horse
Seeing a receipt like this takes me right back…I remember collecting them when I was like 4, and my mum gave me one folded up so I didn’t want it.
I remember how bad stores were then it was before celebrity chefs took over and stores started carrying more than the basics.
Except in the meat department. There were a lot more cuts of meat back then.
Back then they called it a “grocery store”. But we don’t use that term anymore because it’s old fashioned.
I’ve literally never heard anyone call it anything other than a “grocery store”. I know of the word “supermarket”, but I’ve never heard anyone actually say it in public in my 38+ years on planet Earth.
Yeah same. I’m referencing a Trump speech where he talked about “groceries” being an old fashioned word.
Are you tilting at their use of ‘food shop’? Because that isn’t being used in place of ‘grocery store’
I’m riffing on Trump recently learning the term “groceries”.
Lot of weird pies on that reciept
Clearly you’ve never had minced beef and onion or pork pie.
:( I was born in the apple pie side of the world
If you’re ever in a British bakery please try these simple but amazing products.
My next vacation is in Scotland. Would they have them in a normal bakery there?
Yes. But an independent bakery would be a better shout, they won’t have that mass produced feel to them.
Years and years ago a family member had a house in Corwen in Wales, there was a bakery that did sausage rolls and they were amazing…loads of meat, loads of pastry.
Edit; enjoy Scotland. It’s beautiful.
That sounds like a dream!
We’re doing a hicking tour, so hopefully we find something on the way! Thanks
what does Lenorc’Trate go for these days?
About £5.50
Mmmmm… S’lized Milk. 🤤
44c worth of sausage meat, what was that one patty?
We should redenominate the dollar. When you do this, you essentially create a “new dollar” or a “Dollar 2.0.” You could make 1 new penny equal exactly to 1 old dollar. No currency is actually rendered worthless and no new inflation occurs. Just a relabeling to make things more convenient. Really this is the kind of thing we should do as a matter of course every century or so.
Is that specifically so Scotcheggsx2 can be 89p again? I’m on board with if it is.
This is literally one of the most highly regarded ideas you could have, economy wise
Up there with price controls, increasing minimum wage monthly by decree, increasing taxes just for the lolz, printing money to fund domestic spend and random companies expropriations
Look how it went for Venezuela, ArgentinaLMAO 🤣
I have no sides and I must KEK
so is there an approach you wouldn’t dance around the R word to describe?
