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I am an inflationist. The reasons are as follows:
- So we know that the people who were able to maintain their jobs have got lots of free cash after not going out all year.
- We know that those who haven't had jobs are being supported by the Government. They most certainly are here in Australia.
- Companies who haven't closed down have been raising prices (most notably restaurants) to accommodate for the fact that they aren't able to service the same number of people as before.
- Therefore, I see shrinking supply in the economy and strong demand which theoretically should lead to inflation.
- As a 21 year old (Australian) as soon as I could go out for beers at the pub I went straight out to see my friends. When I went out I had much higher prices. For example my favourite burger in Sydney used to cost me 15$ but now its costing me $21. This is inflation. The owners had to raise prices because they can't have as many people in their restaurants as before so they have to raise prices to compensate.
- Furthermore, I have heard stories of tradies who are putting off billing people so they can defer their income into next year so they can get on the jobkeeper. This isn't like one or two people there are like tens of people I know of who are doing this. So we know that in the coming years we can expect these people to have more income than they did previously.
Could you guys discuss your own experience so I can get a better picture of what's happening in the rest of the world?
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