Of Beer, Ammo, and Wages

Philip H

Philip H is an oceanographer who makes his way in the world trying to use more autonomy to sample and thus understand the world's ocean. He's a proud federal scientist, husband, father, woodworker and modelrailroader. The son of a historian and public-school teacher and the nephew and grandson of preachers, he believes one of his greatest marks on the world will be the words he leaves behind. To that end he writes here at OT and blogs very occasionally at District of Columbia Dispatches. Philip's views are definitely his own, and in no way reflect the official or unofficial position of any agency he works for now or has worked for in his career. If you disagree, take it up with him, not Congress.

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8 Responses

  1. Dark Matter
    Ignored
    says:

    I don’t drink, smoke, or shoot. Doesn’t feel like I’m immune to inflation so there’s that.Report

  2. Brandon Berg
    Ignored
    says:

    High inflation alone does not necessarily lead to falling real wages, so even if inflation were really bad it might not meaningfully affect affordability of goods and services. It depends on whether inflation is driven by excessive growth in the money supply (wages rise along with prices) or by negative supply shocks (wages don’t keep up).

    On a related note, the advance estimate for Q1 GDP came out yesterday, and it looks like quarterly nominal GDP growth is down to an annualized 5%. While that’s not quite where we want to be, especially given the mediocre real GDP growth, it’s getting close and shows continued progress on controlling monetary inflation.

    Also, here’s a chart of real wage growth:

    https://fred.stlouisfed.org/graph/?g=12VmE

    Populists keep claiming that wages haven’t kept up with inflation, and it’s just not true.Report

  3. InMD
    Ignored
    says:

    I want to say that I very much appreciate Philip writing this and that I was tickled when I saw it. I also want to reiterate to those who didn’t see the original exchange that my comment really was a joke not a serious attempt at analysis!Report

  4. FortyTwo
    Ignored
    says:

    These craft beer numbers are a bit off. You can get just about anything for $8-12 a six pack, which is $30-50. I haven’t seen any domestic cases for more than about $20. Guinness, which I drink, is the same or cheaper for a 4 pack or 8 pack. About $18 per 8 pack, same as when they came out in 2020. 4 packs are $8-10, same as 2020. I don’t know why beer prices seem to be stable. The beers at the bar, however, have gone from $3.00 to $4.50 on happy hour in the last three years.Report

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