Inflation hurts in the short term... But in the semi-long term it helps anyone who has a mortgage or holds any sort of debt at a fixed interest rate. Sucks until wages catch up, but they will eventually.
Nice new mortgage at a low fixed rate... That inflation going on is helping me. Moved just at the right time.
Devastating to anyone who is a loaner of money though.
Personally, I don't blame inflation on Trump's "tax cuts"*. It's not tax cuts that caused inflation, it's all the silly stimulus payments that everyone got. Just printing money for everyone whether they needed it or not.
* Hard to call them tax cuts when the majority of people paid more taxes... It's only the rich who paid less... It is a bit of an illusion though because the lower 99% of people got to take more home with each pay cheque, but come April 15th they got fewer deductions so ended up paying more in taxes than before... A lot of people got caught out that first year, expecting the usual large tax refunds and instead ended up owing thousands that they weren't prepared to pay for.
In reality it was just shifting more of the tax burden from the rich to the poor and billing it as a tax cut. We used to get about $5000 back each year on Apr 15th, mostly from Child tax credits... Since the "tax cut" we've owed a little in federal each year... But we do bring home $100 extra twice a month in the moment...
Nice new mortgage at a low fixed rate... That inflation going on is helping me. Moved just at the right time.
Devastating to anyone who is a loaner of money though.
Personally, I don't blame inflation on Trump's "tax cuts"*. It's not tax cuts that caused inflation, it's all the silly stimulus payments that everyone got. Just printing money for everyone whether they needed it or not.
* Hard to call them tax cuts when the majority of people paid more taxes... It's only the rich who paid less... It is a bit of an illusion though because the lower 99% of people got to take more home with each pay cheque, but come April 15th they got fewer deductions so ended up paying more in taxes than before... A lot of people got caught out that first year, expecting the usual large tax refunds and instead ended up owing thousands that they weren't prepared to pay for.
In reality it was just shifting more of the tax burden from the rich to the poor and billing it as a tax cut. We used to get about $5000 back each year on Apr 15th, mostly from Child tax credits... Since the "tax cut" we've owed a little in federal each year... But we do bring home $100 extra twice a month in the moment...



