The inflation tax is not only real, it's massive

[Igel]

11. No, I saw that 2022 (R) talking point for the first time in the mid 1970s.

Now, it does reduce the value of debt.

If my income keeps up with inflation then my mortgage is worth less in future "real" dollars. As is Federal debt.

Assets usually appreciate. So if you own a house, it increases in value, cet. par.

It also decreases the worth of many liquid investments. My pension isn't pegged to inflation. My mother's estate was put into self-serving investments by the court-appointed fiduciary with minimal interest. Right now, with interest near zero in demand deposits, the money I have in the most liquid form to get me through emergencies--leaky roof, broken fridge, dead car--has lost 5% over the last year.

In other words, my pension is worth 5% less year over year (I'm not retired, and this might mean "work another year past 67 for the same benefits&quot , my mother's estate is worth 5% less, my savings (which actually were drawn down for an emergency, but are still a few thousand) are worth less.

I figure that between estate and pension I'm down close to the median wage in the US. If it keeps up being "transitory" then I might wind up working until I die.