this post was submitted on 10 Oct 2024
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politics

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[–] suburban_hillbilly@lemmy.ml 132 points 5 months ago (3 children)

Really glad the president of the USA finally decided to pull the lower inflation lever in the oval office.

[–] lemming741@lemmy.world 18 points 5 months ago (2 children)
[–] gmtom@lemmy.world 15 points 5 months ago (1 children)

My apologies

Really glad the ~~president~~ knob of the USA finally decided to pull the lower inflation lever in the oval office.

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[–] chronicledmonocle@lemmy.world 11 points 5 months ago

It's right next to the gas price slider. Duh.

[–] SpaceNoodle@lemmy.world 10 points 5 months ago

It's right next to the Gas Price Dial on the Resolute desk.

[–] NineMileTower@lemmy.world 53 points 5 months ago (5 children)

Now pay me more and we're good.

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[–] BassTurd@lemmy.world 52 points 5 months ago (2 children)

I saw this when I opened Edge for work this morning. Two worlds in one picture.

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[–] cyborganism@lemmy.ca 41 points 5 months ago (7 children)

That's still 2.4% on top of the cumulated inflation of the past 5 years...

[–] TransplantedSconie@lemm.ee 47 points 5 months ago

You misspelled price gouging.

[–] EatATaco@lemm.ee 34 points 5 months ago (3 children)

Sure. But inflation is down, we didn't go into a recession, and wage growth has been outpacing inflation for over a year now.

This is good, we're going in the right direction. Deflation would be way worse.

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[–] Asafum@feddit.nl 12 points 5 months ago (3 children)

Yeah but unfortunately that's never going to change. Inflation is the rate of increase and they always want a rate of increase, just at 2%.

It's never going to go negative because growth for the growth gods!! :(

[–] 7U5K3N@lemmy.dbzer0.com 7 points 5 months ago

Line must go up.

[–] Cryophilia@lemmy.world 3 points 5 months ago (7 children)

Actually, it will never go negative (I hope) because if it goes negative we're probably in for a massive global recession that will introduce untold suffering.

You think they aim for 2% because that's what's good for rich people? 2% is the magic number for the whole economy.

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[–] NewNewAccount@lemmy.world 7 points 5 months ago (2 children)

You want a deflationary environment? Are you sure?

[–] cyborganism@lemmy.ca 5 points 5 months ago

That's what you got from my one line comment?

[–] the_post_of_tom_joad@sh.itjust.works 4 points 5 months ago (1 children)

If "deflationary environment" is neoliberal for "restrictions on and immediate reduction of the current ongoing price gouging" then call me Moleman cuz yes, i want that, right now.

[–] Cryophilia@lemmy.world 6 points 5 months ago (1 children)

Ok, well, no, it's not. Do you want actual deflation?

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[–] WoodScientist@lemmy.world 2 points 5 months ago (1 children)

That's just how inflation works though. Wages tend to rise slower than prices do. In economic terms, wages are "sticky." They rise and fall slower than prices do in response to market conditions. Long periods of slow gradual inflation are fine, as people simply demand that their wages rise at a steady 2-3% to keep up with inflation, and employers expect it. But if there is a sudden spike in prices, it's a lot harder for employees to suddenly negotiate wage increases. Instead, the slower process of labor market competition, employees leaving underpaying jobs for better paying jobs, has to take over. It's going to take a few years for wages to catch up with the spike in prices, but it does happen with time, primarily from people switching jobs.

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[–] MehBlah@lemmy.world 32 points 5 months ago (1 children)

Food prices are still up twenty to forty percent.

[–] the_post_of_tom_joad@sh.itjust.works 9 points 5 months ago (1 children)

Right! and now, amazing news! Our expenses are only growing at a rate of only 2.4%!! Hooray?!?

[–] Ghostalmedia@lemmy.world 12 points 5 months ago (15 children)

2% is actually pretty good and about what you want. Maintaining flat spending power sounds great on paper, but also puts an economy at increased risk of recession and citizens at increased risk of ballooning debt.

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[–] Tylerdurdon@lemmy.world 23 points 5 months ago* (last edited 5 months ago) (1 children)

That's great the prices aren't going up more. Now go get all of these companies that are price gouging. It's good to protect people from it during natural disasters but unfortunate the government didn't consider COVID a natural disaster.

[–] Raiderkev@lemmy.world 5 points 5 months ago

Oh they are still going up, just not as much.

[–] xlash123@sh.itjust.works 11 points 5 months ago (1 children)

While this is good news, remember that this means that prices are still increasing due to inflation, just at a slower rate now. It does NOT mean that inflation has been reversed.

[–] Phil_in_here@lemmy.ca 8 points 5 months ago (1 children)

Not sure why there are down votes here. It's an important fact to remember that inflation "falling" doesn't mean the cost of living is going down.

Whether reversing inflation is good or not isn't their point. The point is, living is still more expensive than last year and your wage hasn't been keeping up since the 70s.

[–] Liz@midwest.social 5 points 5 months ago

Probably because most people are too lazy to explain that deflation is a bad thing and incredibly hard to get unstuck. The "ideal" scenario is one where inflation stays low and wages outpace it. A small amount of inflation is a way to stop billionaires from sitting on piles of cash. At least with inflation they're incentivized to spend it on investments, some of which are good for the economy.

[–] prole@lemmy.blahaj.zone 10 points 5 months ago

Waiting to see the creative ideas Republicans come up with to try to tank it before November

[–] djsoren19@yiffit.net 7 points 5 months ago

Oh that's wonderful, because as we all know inflation is the only reason for the increasing prices...right? There couldn't be any other contributing factors?

[–] blindbunny@lemmy.ml 4 points 5 months ago* (last edited 5 months ago)

Too bad it's not on food prices

[–] blackwateropeth@lemmy.world 4 points 5 months ago

Haters will say it’s because of the election coming up

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