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So, What Do You Think Should Be the “Living Wage” Now? 🤔
Out-of-control spending and money printing are the biggest causes of inflation, but they don’t tell the whole story. The Federal Reserve keeps raising rates, punishing businesses and individuals, most notably those getting mortgages (now over 8 percent). In the past, raising rates would cut the money supply, and therefore consumer price levels. But it’s not working this time. Why? Well, government spending has been the exact opposite of what nearly every anti-inflation economist would recommend, but it also comes down to the two biggest expenses that hit businesses — labor and energy. Biden has some of the dumbest policies in the history of America, ensuring these costs keep exploding. When businesses must pay more, they must charge more for their products & services, which cascades to workers demanding higher “living” wages (such as recent strikes of auto, medical, and transportation workers), which leads to higher prices, which leads to labor wanting more money,……and on and on.
As for energy, high prices hit the cost of delivering anything you order online, transportation to retail & grocery stores, moving raw materials to factories, etc., which cascades to prices down the line. The Biden Administration has done everything to sabotage American energy development & independence while stoking the flames of war. I wonder if the latest Middle Eastern war will be good or bad for prices? 🤔 Good thing Biden has stopped fracking, cancelled thousands of oil leases, prevented ANWR and other drilling, and in general discouraged any new investment in American energy. 🙄 No worries though, we have Russia, Iran, Saudi Arabia, and other foreign sources to depend on. 👍
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