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Culture War Roundup for the week of October 30, 2023

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One of my personal betes noires is people confusing Inflation, a rate of change, with price levels, a numeric value. "The inflation that happened is still around." No, the price changes are still around, the Inflation is the rate of change in prices over time. Yes, after a period of inflation, prices will remain permanently elevated relative to their prior levels, unless we hit a period of sustained deflation (which will have all kinds of other, likely worse for most people, negative effects). It really grinds my gears.

Well when inflation is always positive and never negative, I don't blame anyone for confusing speed and location. When people complain about inflation, they're really complaining about price, so until we get deflation their complaints are never addressed.

As someone who wants to be paid in silver quarters, because that lays bare the debasement of our currency, this is missing the point. You need to address the ratchet that only allows prices to move in one direction.

complaints are never addressed.

And a good thing too that they never will be, deflation is bad.

One obvious problem is that no one can see a derivative function on the price at the grocery store. Everyone can easily remember that things were 20% cheaper a couple years ago, but seeing whether they're currently continuing to change is inherently more difficult. It would be nice if there was a way to sharpen people's thinking about this, but convincing someone that the rate of inflation is low isn't going to change their desire to punish whoever was in charge of causing the price change in the first place.

This doesn't really address the original arguments in the post. If this is the explanation, then why are ratings of 'am I personally doing well economically' high? The puzzling thing is the discrepancy, this explanation does not address.

I don't think it's puzzling, I think people think they're being lied to when American Pravda insists that the economy is doing great. They look at pricing of the goods that they have the most exposure to (food, energy, housing), they look at debt, they look at Covid policies, and they conclude that it's actually not great. If you ask them how they're doing, they say that they're basically fine at the moment, but they're nervous about the signals they see. The response amounts to, "I'm fine at the moment, but the whole thing seems pretty shaky".

"I'm fine at the moment, but the whole thing seems pretty shaky".

This is a ridiculous extrapolation to make beyond data which cannot be stretched that far. And the question's word was not 'fine' it was 'good'!

They look at pricing of the goods that they have the most exposure

Well good thing we don't need to operate on these general anecdotes and vibes, we can in fact look at statistics.