Yahoo Finance is no place for financial news unless the name Yahoo didn’t already give it away. If you thought inflation was harmful, an inequality expert said it’s good for the rich and middle class. And if you thought inflation was a hidden tax, Yahoo says it’s the opposite. Don’t believe your lying eyes.
The good news is that real estate goes up, and the real debt burden goes down.
So, there you have it. Inflation is good for you.
Don’t go to Yahoo Finance for your financial advice.
The inequality expert’s voodoo for you:
But now, new research has added a wrinkle to the popular view of inflation as nothing but a downer. In a new working paper whose title asks, “Is There Really an Inflation Tax?” New York University economist Edward Nathan Wolff, an expert on inequality with nearly 40 years of research to his name, breaks down the effects of inflation on Americans’ overall wealth between 1983 and 2019.
His answer? The “inflation tax” does exist, but not for everybody. The middle class and the top 1% of Americans actually benefited from periods of high inflation in recent decades. “With regard to the issue of whether there is really a net inflation tax, the answer is that it is true for some groups only,” Wolff wrote.
Not everyone or anyone with an IQ above a brain-damaged Simian agrees:
— John (@NotTheBaptizer) October 19, 2023
— Stephen Lloyd (@apparentlysteve) October 19, 2023
I am middle class – let me assure you … pic.twitter.com/4hrd09lhG6
— Charles Scott (@CharlesScott78) October 19, 2023
Having more money while money becomes more useless doesn’t make someone richer.
— (@kriissaa_krae) October 19, 2023
Nah, the poor have gotten poorer at a faster rate than the middle class
— Mox, Coffee, and idiocy (@moxdonalds) October 19, 2023
— GLOCKTOR WHO (@NorCalRiverRat) October 19, 2023
I know that this is a lie because I actually go to the grocery store. Shut up.
— Syzmon Thomas (@ThomasSzymon) October 19, 2023