🇺🇸 What Trump said about inflation potentially helping the U.S. reduce a $40 trillion debt burden is economically correct, but it’s also very sad.
As X @1MarkMoss said: “That’s your life being taken away.”
Henry Ford once paid workers $5/day (1914). Given the gold price back then, this wage was relatively high for its time and could buy about ~5 oz of gold per month.
Today, the median full-time wage is ~$65K/year, equivalent to ~$250/day, and can only buy about ~1.3 oz of gold per month.
Inflation can ease the government’s debt burden by making the currency lose value, but at the same time it takes away purchasing power from people’s wages and savings.
$SAND
$NIGHT
As X @1MarkMoss said: “That’s your life being taken away.”
Henry Ford once paid workers $5/day (1914). Given the gold price back then, this wage was relatively high for its time and could buy about ~5 oz of gold per month.
Today, the median full-time wage is ~$65K/year, equivalent to ~$250/day, and can only buy about ~1.3 oz of gold per month.
Inflation can ease the government’s debt burden by making the currency lose value, but at the same time it takes away purchasing power from people’s wages and savings.
$SAND
$NIGHT
