[Spooky23]

Exactly. As a well to do tech person, the impact of 10% inflation is nil when my retirement funds returned 25%.

Now if I was some über rich dude with millions of capital tied up high friction investments, forced to choose between paying capital gains taxes or losing to inflation, i may feel differently.

Frankly, we need to put shitty businesses that exist by virtue of low interest rates out of business. It should not be feasible to buy thousands of single family homes as investment property, for example.

[mc32]

It's the poor who this hits most. Most tech workers can 'absorb' this. We may get raises, bonuses, etc., to make up the diff.

But your average Joe and Jill in the world working restaurants or deliveries, they can't just shrug it off.

[newacct583]

That's almost exactly backwards, where are you getting this? The big inflation driver right now is (1) the increase in liquid cash in the economy due to covid relief programs and (2) the higher wage levels needed to get people to work during a pandemic.

The "poor" are, in fact, doing significantly better (economically, anyway) now than they were in 2019. I'll have to go look it up, but there was a great blog post a few months back looking at poverty statistics over the pandemic. The relief bills helped a ton.

[dnautics]

> The relief bills helped a ton.

Those are transitory, and even if they become permanent, never forget, inflation is a compounding process, so to keep up there must be the political will to re-up them. Moreover, the irony is that the way to fund the relief bills is to create more inflation.

You are advocating putting all of society on an accelerating treadmill that pushes people backwards towards poverty.

[newacct583]

> Those are transitory

Exactly. So is the pandemic. And so is the resulting inflation. I think you agree with me.

[dnautics]

Good luck with your wishful thinking. The pandemic will end, inflation will not.

[dnautics]

Joe and Jill? What about your unemployed person, formerly-middle-income retiree on fixed salary, homeless person surviving by panhandling, nonprofit serving the poor/homeless...

Inflation is nothing but fucking over the people who can handle it the least.

[ForHackernews]

Poor people are debtors: Inflation is a huge positive for them! If I owe $10,000 of credit card debt at a nominal 25% APR, I am praying for that hyperinflation to kick in soon.

[mc32]

The cost of borrowing goes up with inflation.

It’s like has prices. They go up before the new delivery is in the grind tanks, but goes back down way after the expensive gas in the ground was all sold.