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We're seeing it.
Inflation has been so low the last decade or two. At least, those of us who grew up in the 70s and 80s are finding it low. One of the functions of inflation is to adjust relative wages, between sectors, between countries, and in the end, between people.
High unemployment and lower wages for those that were laid off and then found another job are starting to have the effect of adjusting relative wages. It is more abrupt and unfair, because the few that never are forced to change jobs have a stable standard of living. The average standard of living is set to decrease in the United States.
High unemployment and lower wages for those that were laid off and then found another job are starting to have the effect of adjusting relative wages. It is more abrupt and unfair, because the few that never are forced to change jobs have a stable standard of living. The average standard of living is set to decrease in the United States.