Quote:
Originally Posted by DAVES
It is actually worse than that. The CPI consumer price index is currently 6.2% The latest number is supposed to be out Friday-tomorrow, and it is expected to be 7%. At 7% prices will double roughly every 11 years and we pay that with after tax dollars.
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This thread reminds me of the early to mid 1970s. High inflation, rate was 9.42% (I looked it up). In 1970 and the next 10 years overall, it was 7.1%. I hope we don’t have to live through that again.
We have resources now that we didn’t have then, but many people, retirees in particular, don’t have a buffer. There have been so many changes in the workforce since COVID, I have no idea how that’s going to affect the economy.
I have read that many people have quit their jobs. Where did they go? Did they start their own business? Are they just not working? If you’ve been working in the restaurant industry and quit, what type of job does one get? Another restaurant? Many restaurants are still looking for help. Where did these people go?
So many questions and unknowns.