(DaAmerican Nightmare is here! - CL)
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https://rubino.substack.com/p/inflation-chronicles-the-aristocracy?publication_id=1166121&utm_campaign=email-post-title&r=y7h5a&utm_medium=email It’s both sad and scary, made more so by the fact that the change happened in a statistically healthy economy, with positive growth and low unemployment— at least according to the official numbers. Imagine what roadside rests—and public parks and Walmart parking lots—will look like in the depths of the next recession.
This, alas, is what happens when inflation sends home prices and rents up faster than incomes. It enriches the relative handful who own the housing stock and impoverishes the people who were just getting by before their cost of living spiked.