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Matt Waters
mwwaters.bsky.social
did:plc:oftrldf3htte47tycfy5hkrh
The one time we really “defeated” inflation was 08-09.
In practice, wages don’t go down in nominal terms and more people go out of work when nominal spending on things goes down. Demand going up at a regular rate, increasing both wages and prices, is much better than a 2008-09 demand decrease.
2025-08-05T17:06:53.211Z