>>20665603Because everything just gets bid up. The only thing you change is the price of goods, not your purchasing power and you fuck over seniors who are holding low-yielding assets like cash or bonds.
In every country, the bottom 90% will always live paycheck-to-paycheck, but the key difference is that our “standard” for what is a normal life is higher than other countries.
In a 3rd world shithole, an average person has a mud hut and a horse and maybe eats once a day. In the US, an average person has a car, rents a decent apartment, has functioning utilities, has a smartphone, etc.
What we consider “necessities” are different than what 3rd world’s consider necessities. The only way to improve living standards is to increase productivity so that more items become commoditized and included in our list of goods that are “necessities”. Just giving people more money doesn’t do jackshit.
