Episode 315: Are We Done With Inflation?
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Inflation Is the Average Price Level
Inflation is rising the average price level. In 2020, when you were earning your $12 an hour minimum wage here, after all the taxes, including sales taxes, you got $8.50 worth of purchase in power. Today that's about what a big Mac cost. So for every $1 that you earn, 29 cents goes to some form of government. It's roughly a third of your paychecks going to government. We had a change in relative prices, which is not the same as inflation. Where do you land with some of the things that they actually care about? It's not eggs and gas that they care about.
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