Don’t Measure Inflation in Dollars — Use This Currency Instead
It’s undeniable that inflation is out of control. But it isn’t the rising cost of living that’s to blame.
If you opened up a time capsule and pulled out a crisp dollar bill dated 1913 — the year the Federal Reserve was established — it would be worth $0.03. In a century the value of our currency has lost 97% of its value.
Rising costs are a byproduct of inflation. It takes more money to buy things than it used to because over time, the purchasing power of our money has declined.
The reality of inflation has also changed the nature of work as a result. Rather than working a normal 40-hour workweek, workers are filling as many hours as they can with paid labor. Some are quietly working two or more full-time jobs at once, while the vast majority of young people are working side hustles.
What this reveals is that inflation is devaluing the most important asset we have — time. By spending more time covering the basic necessities, workers have less time to do other things like raising families, building real businesses, or inventing new things.
You’re not just working more as an individual, everyone in the aggregate is too. This isn’t a good thing. Our focus on meeting our economic needs today could mean we won’t have an economy tomorrow.
