Despite Biden's comically inept efforts to gaslight you over inflation - AKSHUALLY skyrocketing prices and empty store shelves are good! - the truth is that inflation is bad even when it doesn't outstrip wage growth. It's a corruption of the economic data stream, a virus.
Inflation further divorces money from value, which makes it harder for average workers and consumers to compare the value of goods to make intelligent purchases and investments. It's like your cable modem suddenly downshifting to dial-up speed due to a corrupted signal.
This is most obvious in hyperinflationary socialist hellholes like Venezuela or Zimbabwe, where people simply ignore the currency because it's useless for measuring value. Venezuela just lopped five zeroes off its currency because money totals no longer fit into spreadsheets.
Money is data. Transactions help us decide how to allocate resources, develop opportunities, and make investments. Inflation fouls up that data stream and makes it incomprehensible to ordinary people. It creates huge fiscal voids where bloated government costs can be hidden.
Once prices and wages have been inflated, government can chip away at your earnings in countless ways, from direct taxes to hidden and pass-through blood-sucking concealed as "business taxes" or "regulations." You're less likely to notice these assaults when money is distorted.
The more zeroes get tacked onto everything, the harder it gets for average people to compare the value of goods and their own labor - and the harder it gets for them to measure the cost and value of government. Analysis becomes a privilege of the rich and powerful. /end
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