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Notes -
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.
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