actually, being paid $3500 in silver quarters in 1950, that value would be around $50,000 in today's money. back then, that salary could buy you 10000 hamburgers, or 14000 gallons of gas. today's average salary can buy a little more than what we could back then. people seem to think that inflation robs people of wealth. not exactly, it is a relative phenomenon, so long as you don't simply hold dollars over time. as the money supply inflates, the rich and well-connected are able to spend the new money at the current value before the new value is realized throughout the economy. this benefits the rich while the poor is hurt. so inflation hurts us by allowing rich people to get richer, not by directly taking from the poor.
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