The Hershey Company blames its flat sales on the decline of the middle class, who now have significantly less money to spend on chocolate. There is, however, a controversial way out of the economic stagnation: give people free money.
Already, you can hear the objections. But my taxes will rise! No, they will not--you do not pay the central bank’s bills; and so if anything, your taxes will fall--because investment will broaden the tax base by making people more prosperous. But inflation! Precisely so. Inflation is not a thing to be feared anymore, for boardrooms, living rooms, or backrooms. Why? Inflation is not just a “rise in prices.” It is a rise in incomes and prices. Remember Hershey’s explanation for its poor earnings? It can’t raise its prices until our earnings rise--and that is why it is struggling to grow. Inflation should not be seen as a monster, but more of a fallen angel.
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