Nice set up, Chop.Inflation is a thief.
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Nice set up, Chop.Inflation is a thief.
In short, if Dems don’t get their wish to tax wealth, they will tax it another way: via big spending and inflation. Note if you are young and have little in way of assets, inflation doesn’t hurt you as much.Real, inflation-adjusted, household net-worth going negative.
Surf Nazis are Socialists.If you’re young and don’t care about paying rent, buying a home and having children then socialism seems great…inflation not a problem. You can surf and live free. Problem with that plan shows up when you’re 40 plus and even your most liberal friends start calling you a loser.
Better graph:To understand this post, you must click on the photo/chart -- there's a 2nd chart below it that ties it to inflation, and it all makes sense.
Better graph:
Huh? If net worth for most folks is housing, then yes it would be inflated (higher). For the same reason, on an inflation adjusted basis, there would be no change in net worth. You awake?Don't know if I trust that graph either. Housing prices are one of the most inflated things in the economy. That college education and healthcare.
That's what we need--more antitrust enforcement!Cleveland Fed: It could take years to meet 2% inflation target
Not mentioned in either report was the role consolidating marketplaces and decreasing competition might play in driving intrinsic inflation.
"To sustain inflation, there would need to be a constant degradation in the level of competition such that prices continue to rise," it said, adding that over previous decades in the United States and Western Europe, price increases have accompanied market concentration and increasing profitability.
Antitrust authorities in the United States now appear to be taking steps to address concentration and vertical integration:
The Federal Trade Commission this year completed an investigation of pandemic-era inflation of grocery prices. It found that the biggest grocers — Kroger, Walmart and Amazon — engaged in anti-competitive practices to make the inflation worse and continue to do so. The agency said it would use the findings as a starting point for further action.
The FTC is in the midst of an investigation of pharmacy benefit managers, powerful middlemen, the largest three of whom control 80% of prescription transactions that are covered by insurance. Critics say the companies are the biggest culprits in the rising cost of drugs.
For those of us (retirees) on a fixed income, any inflation erodes our purchasing power. And the COLA on our Social Security checks and my USAF retirement check don't cover the higher prices. I'm faced with two choices - (1) cut back on purchases and/or (2) use my IRA RMDs to increase my income (with an adverse impact on income tax).Prices may be rising more slowly, but they’re still higher than they were and certainly not falling. That hurts even if inflation is “only” 2%."
Yes, I do have to take the RMD and pay income tax. Prior to the big jump in prices, I didn't really need the income, so my advisor would cash enough stocks in my IRA to send the IRS 20% for withholding, then move the remaining stocks from the RMD over to my trust account (with a new cost basis). This year I'll probably have to take out a bunch of cash to supplement my monthly income.HHD no good choices But don't you Have to take RMDs and pay tax on them anyway?
Hope this comes to pass - and I also hope that the GOP will right the ship.This is some bad news for the leftists…some percentage of both groups will, for the first time, vote conservative
That's what we need--more antitrust enforcement!
Screw the mega-corporations.
Bless the small (and medium) businessman and businesswoman -- the actual engines of our prosperity.
* Predict TEXAS-KENTUCKY *
Sat, Nov 23 • 2:30 PM on ABC