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This is by design. Inflation is designed to make you work harder to justify a raise that barely keeps your standard of living intact.
More profits for your boss, same standard of living (or lower) for you....
Inflation is wildly out of control now, but even pre-pandemic, the central bank's 2% target inflation is designed to make you work harder for nothing in return
2% inflation isn't designed to hurt workers, it's meant to encourage investment in the economy. It helps workers and people who are net borrowers.
If you are a net borrowers, you pay that back with future dollars. Inflation reduces the value of future dollars. Let's say you get a 3% raise but inflation is 3%. Your boss is being stupid and you basically didn't get a raise.
But if your mortgage is $2,000 per month, you now have 3% more money to pay it off. That's because your mortgage doesn't increase with inflation. So the inflation helps you pay off your loans.
It's the same with businesses. Investors could either loan money out or invest directly in businesses. Higher inflation makes them more likely to invest in their businesses, because money sitting in the bank loses value due to inflation. This causes them to hire more people.
2% is a good sweet spot that encourages borrowing and investing in businesses, but isn't too high. Obviously the problem now is that inflation remains above 2%, and there has been no relief from past increases. It would be much better if minimum wage was increased to help out people at the bottom deal with them.
my mortgage does go up with inflation because the central bank raises rates to fight inflation, and i live in a stupid country where a 25yr amortized mortgage isn't really a 25yr mortgage... you need to renew it every 5 years at whatever interest rates the banks dream up.
Why would a 25 year fixed rate loan not exist? It hurts borrowers when rates are low and lenders when rates are high.
Although it saves you the trouble and expense of refinancing in five years when rates are low again.
But, inflation has been going down. It's currently around 3.1%.