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Culture War Roundup for the week of March 11, 2024

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Completely uninformed speculation, but could it just be a holdover from when inflation was extremely high? Cost of living went up faster than many could adjust to; they never got used to it. And it's still going up! The fact that people don't notice the deceleration could be attributed to confirmation bias. Whenever they notice that something has gone up in price, it's "See, the prices really are going up still! And they would have me believe I'm imagining things." They're probably better at noticing price increases now too, anecdotally quite a few people in my circles track them more deliberately than before.

It's similar to how critics of the establishment sometimes allege that announcements that "Inflation has gone down" are misleading. I personally am not misled, but a small part of me might be unconsciously translating "Inflation has gone down" to "Inflation is under control", which it doesn't feel like it is, because prices still seem unreasonably high.

As for why we would be especially prone now to such a post-inflation vibecession, maybe it has something to do with the fact that millennials, who have outsize influence on the vibe economy (on social media), saw the highest inflation rates of their lifetimes through most of 2021, all of 2022, and the first half of 2023, and at least through the remainder of 2023 inflation stayed well above what they'd typically experienced in the preceding 15 years.

I think one thing about inflation that I don't see people factoring in is that the wage growth that is usually a part of it usually lags behind. But another part is that it usually doesn't just happen for free. It doesn't happen that your boss one day up and decides to give you a 10% raise unprompted—especially if you are highly replaceable. So the everyman experiences inflation in a much more tactile way. It isn't the case that the growth of their savings slows as the appreciation of their assets quickens and it all kind of vaguely evens out with plenty of liquid lubricant to ease the whole thing, like it does for someone like me.

To the guy working retail, inflation is that months-long period of time where everything gets prohibitively expensive and they either have to fight their boss for a sizeable raise they probably won't get and then go looking for a better job where at best they have to spend months of extra effort (of which they likely do not have in large supply) relearning a new job and settling into new routines only to at best vaguely catch up to where they were before.

This, to put it simply, sucks—and it's likely the case based on the bad vibes that this adjustment period isn't over. It also may very well follow a resentment period. I don't know where stuff like this would show up in highly coarse macroeconomic numbers, and my guess is that it probably doesn't.

Yeah, the context window for inflation is pretty long.

The yogurt I like went from $1.29 pre-Covid to $1.49 to $1.69 to $1.89 and then finally $2.29. At some point I might accept that $2.29 is the new price. But it's going to be a few years.

At this rate we'll all be millionaires soon!