Really glad the president of the USA finally decided to pull the lower inflation lever in the oval office.
this post was submitted on 10 Oct 2024
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It's a knob, dumbass
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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It's right next to the gas price slider. Duh.
It's right next to the Gas Price Dial on the Resolute desk.
I saw this when I opened Edge for work this morning. Two worlds in one picture.
Someone is lying and I have a sneaking suspicion of who it is.
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That's still 2.4% on top of the cumulated inflation of the past 5 years...
You misspelled price gouging.
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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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!! :(
Line must go up.
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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You want a deflationary environment? Are you sure?
That's what you got from my one line comment?
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.
The economy would tank really hard if wet somehow deflated it to go back in time. It doesn't work like that.
Plus the last 5 years was almost entirely from covid anyway
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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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Food prices are still up twenty to forty percent.
Right! and now, amazing news! Our expenses are only growing at a rate of only 2.4%!! Hooray?!?
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.
That's nice and all, but wages do not increase year over year for most people, so most people would prefer those risks and be able to continue living, instead of helping to balloon the suicide statistic.
Most people are not economists. Most people would like everyone to be given $100,000 and a pony (or just white people, if you're a republican).
2% inflation is good. But an inflation number doesn't tell us where the gains are accruing. Ensuring gains go to workers and not capital is an entirely separate goal of the government.
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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.
Oh they are still going up, just not as much.
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.
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.
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.
Waiting to see the creative ideas Republicans come up with to try to tank it before November
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?
Too bad it's not on food prices
Haters will say it’s because of the election coming up
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