the bad kitty said that “there is a ‘real income’ problem with this analysis.”
then he laughed like he made some sort of economics joke.
can someone explain this to me?
we’re only on unit 2 of micro-econ in kittengarten.
This is the classic “money illusion”. If I have twice as many dollars, but they are worth half as much, in what way am I better off?
It’s an astonishing and embarrassing blunder for a leading business network to commit (It’s even more embarrassing if, as Keynesian economists argue, wages lag behind prices).
Perhaps even CNBC has come to realize this. The new headline is:
“It's not certain rising wages will be enough to outpace inflation.”
hilarious... these are the same people that approach every new covid wave as if they have never seen one before... and gasp "OMG... this wave is going to go to infinity!".... it's insane how unanalytical our press corp is... evil or stupid is the one haunting question I cannot answer... but would love to know
A 5% raise sounds great until you realize general prices have climbed by 10% leaving you with a decline in real terms.
MSNBC is right in one respect that rising prices and wages are good for workers, versus those on fixed incomes such as us pensioners. We oldies are starting to see a plot here: first a virus engineered to disproportionately take us out, then for those of us who survive, an inflation engineered to impoverish us.
Yup, assuming our stenographers, er press corp are trying their best to give us the unvarnished truth (pure fiction but work with me) this is an example of their never ending stupidity piled high on top of their narrative! What a blatantly stupid statement for a business channel to make and they have churned out some brutal crap over the last year. Inflation is the most egregious of all taxes on an individual’s wealth and purchasing power and is more harmful to low income earners. Today’s media activists are too busy honing their partisan wokeness in school rather than learning basic relational math and statistics but I have now heard that math is now not necessarily getting the right final answer. Serenity now!!
They took the blue pill. It's sad that half the country, and their stenographers in the media, are living in a delusion, devoid of logic or even more "pedestrian" common sense. It is a symptom of narcissism. "If i lie to myself, and lie to the world, "poof"- the lie is true .
I'm scared. We live in a country were a large portion of the populace are certifiable lunatics. We are living in the movie "Idiocracy". We finally jumped the shark.
Chasing higher salaries in the pursuit of higher prices. What go wrong? Especially with a fiat currency manipulated to serve the chosen few who are psychotic enough to want to control and dominate others regardless of cost.
Great news! You've gotten a $50 a week raise.
Not so great news! Your expenses have gone up $75 a week.
This is a clown world.
I had no idea there was an upside to high inflation. Obviously the solution is to just pay everyone more, which would likely cause more inflation, followed by higher wages, then more inflation ….. Oops 😬
modern monetary theory is the scarce resource distribution sample of covidiocy. models with no validation used for scamming those who think they are smarter than they are.
The people of the Weimar Republic were very blessed when their wages rose so steeply that they had to trundle their cash home in wheelbarrows.
I lived thru hyper-inflation in Brazil... should I tell them how inflation works 😂?
Simple: Don't watch CNBC
Well, here you go. https://empathy.guru/2021/02/27/the-predictable-memetic-collapse-of-contemporary-journalism/
If you have to ask, you'll never know.
If inflation grows rapidity, Americans can earn millions per month. Like the Venezuelans do.
Someone offer the author of the article 4 pennies for one nickel. I'll bet you he/she/xe/they/robot/lizard/alphabet takes it.
Talk about polishing a turd. Some things just leave you speechless.
That CNBC article is a joke, right? Right?
This administration believes in science, not data. The 70's was 50 years ago, man! And the price-wage spiral is not part of Common Core or CRT.