Where utopia?; primacy of the economic; Friedrich Engels as our guide; successive modes-of-production; the Muskland dumpster fire; Mui, Wang, Graham, Castañeda, Tett...
I see the past 2 quarters (Q4, Q1) of average weekly earnings increases are at levels that would have been considered normal pre-Covid. Yes, Retail employees wages are rising fast, but not Leisure and Hospitality.
Core PCE service inflation is high for restaurants, motels, recreation, airfare, and car rentals (isn't this the echo of Covid?). But not for healthcare, education, and finance. Can't anyone play the game of picking which line items they will and won't count in inflation?
"Why not, if everyone has their own vine and fig tree, simply take your ease beneath them, and lead a good life?" I could point out that Original Sin took place in a regimen of more than "enough." Maybe in many dimensions resource scarcity was the binding constraint, but not all.
How does one get sustained inflation when bank deposits (money supply) are falling, without either a collapse in confidence in functioning of the government, or an external shock of import prices or debt payments?