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Young parents in Baltimore are getting $1,000 a month, no strings attached, a deal so good some 'thought it was a scam'
(www.businessinsider.com)
this post was submitted on 08 Nov 2023
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Studies show that people don't "throw all their new money" at stupid things when they get a small amount of money. They fix their car or buy their kid new shoes, things they needed but couldn't afford.
Inflation was never near 10%, let alone above it. I think you need to do a bit more research on these topics.
Official federal inflation over the last 3 years has been between 6-7%. That's not indicative of local inflation, nor does it account for hyper inflation on specific goods like groceries. I have watched the prices on certain grocery items increase up to 100% in the last couple of years. I've watched some discretionary goods increase between 30-50%. My rent has been increased 22% in the last two years. So the fed not reporting 10% inflation for the year doesn't necessarily mean that people's purchasing power hasn't been reduced by a greater margin.
Studies show that people living below their means will spend additional income on necessities, bills they're behind on, etc. That's fucking fantastic! But we've also seen that people who are current on bills and not in poverty will spend windfall money on luxury goods or entertainment. That's also good because it stimulates the economy. People who are well off will just save or invest windfalls.
Again, I'm not trying to argue against UBI. I'm just expressing concerns over how the extra capital will influence pricing, if at all.
Inflation hasn't been 6-7% for three years. It was only around that level in 2021 and 2022. And no, the BLS is not tracking your individual rent and things you see in the grocery store. They track averages.
People argue about what should be included in CPI, and how accurately it measures inflation. But what you're saying is just wrong, or exaggerated based on your personal experience.
2021: 7%
2022: 6.5%
2023: 6%
Source: https://www.investopedia.com/inflation-rate-by-year-7253832
Okay
You missed this:
So you are looking at an old article that only references the first two months of the year. If you check the actual BLS website, you'll see something very different:
https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-category-line-chart.htm
You just went to Google and clicked the first link you saw. That's why I told you to read more.