Yep that’s the other part of the dynamic. Everyone assumes that wage earners will at least get an inflationary bump, but companies, the Fed, and the government have all abandoned workers.
Even during times of “low inflation” prices continue to rise for things like housing. Over time that “low inflation” adds up for people with no assets working low wage jobs. Then when there’s high inflation (like mid to late COVID, where the dumb dumbs encouraged anyone who could afford it to buy housing via historically low interest rates at the same time folks were trapped in their current living quarters, the supply of housing was in the toilet, and the price of housing was already at all time highs) people get permanently priced out of fucking shelter.
Yep that’s the other part of the dynamic. Everyone assumes that wage earners will at least get an inflationary bump, but companies, the Fed, and the government have all abandoned workers.
Even during times of “low inflation” prices continue to rise for things like housing. Over time that “low inflation” adds up for people with no assets working low wage jobs. Then when there’s high inflation (like mid to late COVID, where the dumb dumbs encouraged anyone who could afford it to buy housing via historically low interest rates at the same time folks were trapped in their current living quarters, the supply of housing was in the toilet, and the price of housing was already at all time highs) people get permanently priced out of fucking shelter.