My theory is the reason that the numbers are confusing is because we have a two tier economy . Newly retired above average earners have plenty of disposable income and paid off mortgages. They are spending like crazy. This is offsetting the reality that the working poor are going into debt to survive or sharing housing or going without medical care or living in vans .
There's more than a little evidence something like that is taking place. Wealth inequality has been growing since the Pandemic Panic Recession, and the data suggests this directly contributed to the hyperinflation we've experienced over the past two years.
My theory is the reason that the numbers are confusing is because we have a two tier economy . Newly retired above average earners have plenty of disposable income and paid off mortgages. They are spending like crazy. This is offsetting the reality that the working poor are going into debt to survive or sharing housing or going without medical care or living in vans .
There's more than a little evidence something like that is taking place. Wealth inequality has been growing since the Pandemic Panic Recession, and the data suggests this directly contributed to the hyperinflation we've experienced over the past two years.
https://newsletter.allfactsmatter.us/p/on-inflation-its-the-inequality-powell
The rich get richer and the poor... get more subsidies.
There's more than a little substance to this.
Another cogent analysis, thank you so much again. Have you seen the recent work from David Webb; we wonder what you think of it, in particular any effective actions we can take, individually or together? https://img1.wsimg.com/blobby/go/1ee786fb-3c78-4903-9701-d614892d09d6/taking-june21-web.pdf
Have not really looked at it, but I will check it out.