Sharp and sustained economic criticism from Biden's ostensible allies established a narrative of failure that has proved alarmingly resistant to reality.
My favorite is they always treat inflation like a static thing. 2 percent this year means 3 percent last year doesn’t matter. You should be happy. But the reality is that’s 5 percent inflation versus whatever raise you did, (or didn’t) get in the same time period.
3 percent inflation now doesn’t erase 10 percent inflation in previous years. We need to be deflating. But that’s a dirty word because a lot of important people get their income steam from constant inflation.
My favorite is they always treat inflation like a static thing. 2 percent this year means 3 percent last year doesn’t matter. You should be happy. But the reality is that’s 5 percent inflation versus whatever raise you did, (or didn’t) get in the same time period.
3 percent inflation now doesn’t erase 10 percent inflation in previous years. We need to be deflating. But that’s a dirty word because a lot of important people get their income steam from constant inflation.