I’ve come to the conclusion that an absolute cornerstone of Republican economics is that all supply and demand are perfectly elastic. So any increase in costs goes 100% to the consumer’s prices. Any increase in property taxes (or UBI) go 100% to rent increases.
They’re super confident about economics despite very obviously never having passed an econ class.
And many people belief this! They think increasing wages drives up prices!
It does a bit, but the buying power gained far outpaces the price increase.
I’ve come to the conclusion that an absolute cornerstone of Republican economics is that all supply and demand are perfectly elastic. So any increase in costs goes 100% to the consumer’s prices. Any increase in property taxes (or UBI) go 100% to rent increases.
They’re super confident about economics despite very obviously never having passed an econ class.