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this post was submitted on 22 Jul 2023
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Asklemmy
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This is exactly how inflation is a tax on the poor: there are ways to counteract inflation, which only become available at a certain level of wealth.
Basically disposable income is safe because you can convert it; and non-disposable income is not safe because you can’t convert it.
You have a point but how much cash are we talking about? If you have $10k-$20k sitting around in a chequing account that's only $200-$400 you are losing to inflation. Things like the earned income tax credit would give you back like $500-$8000. They may not seem super related but in general it's easier to compensate those lower income folks for inflation than trying to change the inflation target.
yup, that's exactly how it is, idk why ppl downvote me but upvote you, it's saying the same thing lol, crypto bad i guess.