Two-thirds of the U.S. population is under fifty years-old. Which means that the inflation currently gripping the country is something they have never experienced. Never felt. Never lived through.
For them, it is an especially unnerving thing. At least until Tuesday, when they can vote Democrats out of office. With Democrats gone, inflation will disappear and the economy will magically repair itself.
Right?
As someone who came of age in the inflation-happy seventies and early-eighties, I can and will laugh at them.
Contrary to their politically-motivated feelings, our parties rarely have much to do with inflation. In 2022, the pandemic, the ensuing lockdowns, supply and labor shortages and overwhelming consumer demand have a bit more to do with inflation than whatever Democrat(s) you choose to blame.
Take gasoline. I don't know the person who hasn't carped about fuel prices. But climb into your car and hit the road. Is the amount of traffic not markedly higher than in any of the past five years? I, myself, routinely sit through multiple traffic light cycles where I never did before.
If Americans can't afford gas, we are doing one hell of a job at hiding it.
Fact: inflation is the byproduct of a market where demand outstrips supply. That's why automobile dealerships, despite their often bare lots, are making two to three times the income than they ever have before. That's why the price of gasoline and airline tickets leap like a twenty-four year-old Michael Jordan.
And when the product itself isn't undergoing material or labor shortages, the cost of getting it to market has—as you know—exploded.
So. How do we beat inflation?
I propose a radical idea: consume less.
Don't run to Target for a fresh jar of moisturizer. Don't go to the grocery store for a carton of ice cream or a bag of chips. Consolidate your trips. You'll use less gas, save time and hopefully wean yourself from the illness known as instant gratification.
It is us, you see, who are at the root of inflation. Ask yourself: what are we telling Exxon Mobil and British Petroleum and Royal Dutch Shell when we mindlessly lap up the latest increase they have gifted us with?
We don't care! Price isn't important! Raise it again—we can afford it!
Until supply outstrips demand, companies have no incentive to drop prices. Their purpose is to make as much money as possible, and under current conditions they are doing a fabulous job.
Some have even resorted to price-gouging just because the current climate allows it.
I'll say it again: the more we consume merely because that's how we've always consumed, the more we will pay for our purchases. With the mid-term elections happening tomorrow, it's a great time to ask of ourselves that which polls indicate we most want to ask of our candidates:
Do something about inflation.
We can make it happen. Reigning in our thirst for instant gratification would help.
