Absolutely. This is the problem of (and solution to) meritocracy. Most people want a job matched to their abilities and a chance at the good life. Provide that (like they do in saner parts of Europe) and much of the tumult will go away. Most people cannot become CEOs. Nor should they be.
If the system doesn't provide that minimum, the aggrieved tend to tear the whole thing down. Thankfully, it's hardly utopian to expect the good life for all who want to work for it.
The rising national debt is the greatest feeder of inflation. Inflation is what is driving up the price of a Big Mac faster than wages. Neither of our two major political parties is willing to discuss what to do about the national debt. Checkmate.
I am going to go out on a limb and say that the media and public is missing a big reason for the rising cost of fast food: skyrocketing costs for insurance.
The insurance industry as a whole is getting killed, especially on the liability end, by (for lack of a better term) predatory plaintiff’s attorneys…
People slip/trip/spill, solely by their own accord all the time. People trip on curbs…even if they have an alternative path (sans curb) to enter. They complain that “it wasn’t painted yellow and they couldn’t see it.” But the next person slips on the curb because “it was painted.”
People slip and fall entering the store on a rainy day because “there is no rug” but then the next person trips “because there is a rug.”
You can’t win. Every time, they sue McDonalds (because they have $$$) and you know what…insurance pays. It pays because it will cost $100k+ to fight in court. Every time. This is showing up in the cost of your food in a big way, but nobody talks about it.
As a former litigator, I've got a lot to say about the importance of reforming our civil legal system! It's the best in the world and still not nearly good enough.
Excellent piece! Inflation as experienced by Americans is far greater than suggested by the declining rate of increase in recent months. By conservative estimates consumer prices have risen by approximately 20% since Biden took office. https://finance.yahoo.com/news/bidens-big-inflation-problem-prices-are-now-up-nearly-20-since-he-took-office-080049551.html They are higher yet going back to pre-pandemic levels. And higher yet if alternative measures to CPI, intended to more accurately reflect consumer experience, are applied. One can argue about the causes of inflation, one can debate how to address the problem, but to attempt to talk over everyone's lived experience is simply not credible. And it underscores the yawning divide between our political class and the nation as a whole.
Thanks, Jim! I absolutely agree. There's definitely more going on with prices than the official data is capturing, and when combined with other changes in the economy and employment is becoming toxic.
The fact that Harris offered a knee-jerk response to institute federal price controls on food bothers me a lot. Governing by whim instead of policy is never a good idea, and since she’s horrifically short on policies, I hope she can control her whims until her administration develops some.
My read is her campaign team wanted to do something symbolic to show she cared about the issue, but lacked the time, creativity, expertise, or inclination to actually develop something real to address the situation. Since it was just "political campaign policy" no one intended to implement, they didn't care. But it was still a terrible idea to put out in public a policy that would be actively destructive. I've been a policy guy on a presidential campaign before, and I can tell you most of them don't know or care anything about policy, only about sending the right messages.
I believe it can be fixed. At least we should try.
https://mikealexander.substack.com/p/why-neoliberalism-should-be-replaced/comments
Regarding 'the system providing a decent life.'
Absolutely. This is the problem of (and solution to) meritocracy. Most people want a job matched to their abilities and a chance at the good life. Provide that (like they do in saner parts of Europe) and much of the tumult will go away. Most people cannot become CEOs. Nor should they be.
If the system doesn't provide that minimum, the aggrieved tend to tear the whole thing down. Thankfully, it's hardly utopian to expect the good life for all who want to work for it.
The rising national debt is the greatest feeder of inflation. Inflation is what is driving up the price of a Big Mac faster than wages. Neither of our two major political parties is willing to discuss what to do about the national debt. Checkmate.
I am going to go out on a limb and say that the media and public is missing a big reason for the rising cost of fast food: skyrocketing costs for insurance.
The insurance industry as a whole is getting killed, especially on the liability end, by (for lack of a better term) predatory plaintiff’s attorneys…
People slip/trip/spill, solely by their own accord all the time. People trip on curbs…even if they have an alternative path (sans curb) to enter. They complain that “it wasn’t painted yellow and they couldn’t see it.” But the next person slips on the curb because “it was painted.”
People slip and fall entering the store on a rainy day because “there is no rug” but then the next person trips “because there is a rug.”
You can’t win. Every time, they sue McDonalds (because they have $$$) and you know what…insurance pays. It pays because it will cost $100k+ to fight in court. Every time. This is showing up in the cost of your food in a big way, but nobody talks about it.
As a former litigator, I've got a lot to say about the importance of reforming our civil legal system! It's the best in the world and still not nearly good enough.
Excellent piece! Inflation as experienced by Americans is far greater than suggested by the declining rate of increase in recent months. By conservative estimates consumer prices have risen by approximately 20% since Biden took office. https://finance.yahoo.com/news/bidens-big-inflation-problem-prices-are-now-up-nearly-20-since-he-took-office-080049551.html They are higher yet going back to pre-pandemic levels. And higher yet if alternative measures to CPI, intended to more accurately reflect consumer experience, are applied. One can argue about the causes of inflation, one can debate how to address the problem, but to attempt to talk over everyone's lived experience is simply not credible. And it underscores the yawning divide between our political class and the nation as a whole.
Thanks, Jim! I absolutely agree. There's definitely more going on with prices than the official data is capturing, and when combined with other changes in the economy and employment is becoming toxic.
The fact that Harris offered a knee-jerk response to institute federal price controls on food bothers me a lot. Governing by whim instead of policy is never a good idea, and since she’s horrifically short on policies, I hope she can control her whims until her administration develops some.
My read is her campaign team wanted to do something symbolic to show she cared about the issue, but lacked the time, creativity, expertise, or inclination to actually develop something real to address the situation. Since it was just "political campaign policy" no one intended to implement, they didn't care. But it was still a terrible idea to put out in public a policy that would be actively destructive. I've been a policy guy on a presidential campaign before, and I can tell you most of them don't know or care anything about policy, only about sending the right messages.