Page 13 - amm2

PINFLATION IS A TAX ON US ALL!
By Jon Coupal, Howard Jarvis Taxpayers Association
inned on my office wall is a Zimbabwe Inflation hits everyone, but especially the middle $10,000,000,000,000 note. (That’s 10 class and those on fixed incomes. Inflation is a threat trillion for those of you tired of counting to the middle class because price increases reduce zeroes). The currency is real, although purchasing power so that the things that the middle Zimbabwe’s default currency is now class could previously afford are now out of reach. the U.S. dollar. The central bank of This pushes the lower rungs of the middle class out Zimbabwe issued these $10T notes of the picture.
during the last days of hyperinflation in 2009, and they barely paid for a loaf of bread.
Ironically, you can now purchase one of these bills for about $27 U.S. dollars because they serve as collectors’ items or, more importantly, as a physical representation of the evils of inflation. Every economics professor in America should own one to show to their students on the first day of Economics 101 class. Milton Friedman explained that inflation is always “a monetary phenomenon in the sense that it is and can be produced only by more rapid increase in the quantity of money than in output.”
BUBBLE WATCH: ARE APPRAISERS LATE TO HOUSING’S COOLING?
The disproportionate impact of inflation on the middle class relative to the wealthy may seem counterintuitive because the inflation rate — projected now at over 6% — is the same for everyone. But while all suffer the same rate of inflation, those with lower incomes tend to have lesser means of adapting to the increases in consumer prices. The suggestion from Biden’s White
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AMM2 APARTMENT MANAGEMENT MAGAZINE - FEBRUARY 2022 13
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