The utility tech who turned my tiny gas leak into a larger gas leak and left.
The buildings around me that take the better part of a decade to build (really? A parking garage takes six years?)
Cops who have decided it's their job to do as little as possible.
Where I live, it seems like half the streets don't have street signs (this isn't a backwater where you'd expect this, it's Boston).
I made acquaintance to a city worker who, to her non-professional friends, is very proud that she takes home a salary for about two hours of work per day following up with contractors, then heading to the gym and making social plans.
There's a culture of indifference, an embrace of mediocrity. I don't think it's new, but I do think perhaps AI has given the lazy and prideless an even lower energy route to... I'm not sure. What is the goal?
It's because of inflation that slowly and subtly, everything gets shittier all the time. It encourages businesses to cut corners, shave costs, and find cheap labor overseas. It encourages you to not give a fuck about your job because you haven't had a raise in 5 years and the price of gas just keeps on climbing.
Inflation destroys everyone's belief in the future. Why work hard when everything is always getting a little bit worse anyway?
We've staved off a lot of the worst material effects with tech and productivity increases, but half the time the benefits from those just go to shareholders (indeed, even if all you did was hold the S&P 500 in recent decades, your portfolio is one of the bright spots in all this).
But I think the spiritual effects can't be staved off once you internalize the idea that it'll continually cost you more to keep on getting the same results. The bar of soap you buy will be a little thinner, there'll be a little less meat in your burger. You're always fighting the current. There's never a rest. If you feel this way then why would you care about what you're doing?
Historically I don't think there are a lot of societies that find an easy solution to this, the solutions usually involve defaults and wars.
Maybe this is part of why the crypto cult is so rabid, Bitcoin has deflationary properties, it's the opposite of the inflation trend.
And all the reasons why economists say inflation is necessary and a good thing seem to make assumptions that aren’t true if taken to their logical conclusion (e.g. infinite growth) and hand wave away negative consequences in order to maintain what amounts to psychologically manipulating people into not saving their money.
Index all wages to inflation and we’ll see how much those holding all the assets feel about it.
Or look at food prices. The USDA says inflation's "moderate," but try explaining that to the diner owner who's paying double for eggs and bacon while his customers stiff on tips on tips because their paychecks buy less. Meanwhile, Tyson Foods posts record profits, not because they're more efficient, but because they've got pricing power and a Fed that's terrified of "deflationary shocks" (corporate margins shrinking).
And don't even get me started on healthcare. Hospitals jack up bills 8% a year, insurers shrug and pass it on, and the economists call it "normal." But when a nurse asks for a raise to keep up? Suddenly it's "wage-price spiral" panic. Funny how inflation's a "tool" when it's squeezing workers, but a "crisis" when it threatens profits.
The game's rigged. Inflation's just the cover story. They'll print to save banks, but let Main Street eat the inflation tax. They'll cheer "record GDP" while your real paycheck buys less. And if you dare demand wages indexed to inflation? You're "unrealistic", but God forbid the bond market misses its 2% target.
So yeah, inflation's not the problem. The problem is who gets the upside (asset owners) and who gets the shaft (everyone else). And until that changes, all this talk about "necessary inflation" is just a con.
Also, there was absolutely inflation before Bretton Woods, and significantly worse inflation at that. See, for example, the hyperinflation during Weimar Germany which led to WWII. Or the nearly 10% deflation in the US during the Great Depression, which just exacerbated the effects by severely discouraging investment that would have helped kickstart the economy again. Post-Bretton Woods, major currencies are generally substantially more stable and predictable.