this post was submitted on 08 Nov 2024
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Actually they're not wrong, wages were not increased to keep up with inflation so stopping it alone wasn't enough.
https://fred.stlouisfed.org/series/LES1252881600Q#0 Real wages are up since Covid was dealt with. That's simple factual reality.
The perception of course, is that everything is worse. Because prices did go up, and they're staying there. Which just means the economy didn't collapse and cause mass unemployment.
I think the problem is that inflation does not impact the poorest population the same:
The CPI weighting is based on an average consumer, the poorest people will have more sensibility to price change for things like food or rent.
Rent and food prices increase in total by 20-25% in 4 years. If you were already tight at the beginning of the Biden presidency, you're now have a high chance of being homeless.