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|User Info||The Consumer Is Strong!; entered at 2023-09-12 08:30:02|
The stimis and lockdowns did both financial damage (inflation) and psychological damage (i.e. RIP or leave) the workforce. |
The "great resignation", so called. I would add the (for lack of a better word) laziness is worse than the inflation. The latter is the main reason why inflation is still running rampant, despite dramatic rises in interest rates that should have had far more of a slowing economic effect by now. But those rates haven't. Why?
Because no matter the rise in rates....no one wants to work. And this is pushing inflation, regardless of rates. Outputs of goods and services are still beneath demand. I have met several (and read many stories) over the recent past by those who quit, or (especially women) who won't do anything but telework jobs, if at all.
The two years of lockdowns definitely got many in the habit of "working" form home. An object at rest tends to stay at rest. Physics 101. Seems like many did the math and when you back out the costs for transportation, eating lunches out, etc. etc. the case for not working legit is quite compelling. I have seen reports of up to a 1/3rd of women not willing to come back to the office. Ever. What do you think this does to wages or labor supply? Then throw in the disabilities from the jab (a jabbed acquaintance just died yesterday of turbo cancer---under a year out of the blue).
I would bet my left nut that actual inflation from all the bullshitttery stemming from the wu flu is 30%. At least.
Who got raises like that? Ironically, the only ones I know of that did are fast food workers and the like. The "fight for $15" dollars per hour is so last decade. Now it's not uncommon to see help wanted ads for a couple dollars over that. To start.
So enjoy that 10 buck happy meal! And let's print and send another hundred billion to Ukraine, too.
The Fed has not achieved what they need to, despite their inflationary gaslighting. Current unemployment has to probably double to get real costs down. With an election year is upcoming. Should be quite interesting.