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China's Xi Jinping asked 'What’s so bad about deflation?' amid economic slowdown, report says (fortune.com)

submitted 6 days ago by schizoidman@lemm.ee to c/worldnews@lemmy.ml

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[-] john89@lemmy.ca 2 points 6 days ago

Nah. I'm not trying to fit in, which you seem to have conveniently ignored.

I could be wrong, but the evidence points to inflation being a result of the working class having more spending power. It means that no matter what gains the working class makes, the ruling class will take them back with interest.

If you think this is incorrect, feel free to say why.

[-] nialv7@lemmy.world -5 points 6 days ago* (last edited 6 days ago)

you should go to China and ask average Chinese people about how they feel about their "cheap groceries".

wealth inequality is a huge problem, and attribute it to inflation is naive. the rich has power in a capitalistic society, they will win no matter we are in an inflationary or deflationary economy. to think deflation will be good for the working people is very naive.

[-] john89@lemmy.ca 8 points 6 days ago

you should go to China and ask average Chinese people about how they feel about their “cheap groceries”.

Have you done this? What did they say?

wealth inequality is a huge problem, and attribute it to inflation is naive. the rich has power in a capitalistic society, they will win no matter we are in an inflationary or deflationary economy. to think deflation will be good for the working people is very naive.

You haven't disproved my point about inflation being a tool for the ruling class to recoup the gains of the working class, which it is. You've just said "they will win no matter what and deflation is not good for working people" without explaining why.

Can you elaborate on why deflation is bad? Do you think inflation isn't a result of workers having more money to spend and businesses raising prices to maximize profit?

[-] scarabic@lemmy.world -3 points 6 days ago

I have. It was rent, not groceries, but same conversation. Their feedback was consistent. “In the past, the government covered this entirely, but now we have to pay a part.”

I asked how that works when they are employed by the government, technically. The government is how they earn money to pay for the thing the government used to pay for. How does this make sense?

Their answer: “In the past, the government covered this entirely, but now we have to pay a part.”