In general I think we're too worried about inflation, but it's also easy to oversimplify things. We've had quite a lot of inflation over the last few decades in essential things we cannot outsource (health care, education, housing, food). Meanwhile, stuff we import like clothes and electronics get cheaper. These things kind of balance out in the consumer price index, but the way this has happened definitely makes life harder for young people that still need to pay for a house and college.
In general I think we're too worried about inflation, but it's also easy to oversimplify things. We've had quite a lot of inflation over the last few decades in essential things we cannot outsource (health care, education, housing, food). Meanwhile, stuff we import like clothes and electronics get cheaper. These things kind of balance out in the consumer price index, but the way this has happened definitely makes life harder for young people that still need to pay for a house and college.
Those things are increasing in price faster than inflation, and wages are stagnant.
That’s nothing to do with inflation, that has to do with an increase in the relative price of goods/services to wages.
https://www.stlouisfed.org/on-the-economy/2016/december/inflation-doesnt-impact-everyone-same
But let's not argue semantics please.
It’s not semantics. Increase in cost of living relative to wages is a separate and completely unrelated metric to inflation.
No shit inflation doesn’t affect everyone the same, it predominantly affects those with large holdings of liquid capital.