Inflation Is Robber No Longer In America, Land of Property
to countries, in = which the rich : were very rich! indeed and the poor an over-: whelming majority. It applied to a society in which peasants and workers had very little they could call their own except what t.hey earned from week to week and day to day. It does not apply to the United States of America, 1953.</br></br>WTEÛªVE got to do some rigorous rethinking about inflationÛÓ] Û you and I. WeÛªve got to reexamine the classical economic theory that inflation impoverishes widows, pensioners, and others who live on fixed incomes; that it steals from families who depend on salaries; that it makes life harder for wage earners.</br></br>The theory had its roots in a inflationÛªs good for the farmer, property-less society. It applied ThatÛªs borne out. His home, his land, and the equipment necessary to operate the farm average out to eight times his annual income. So when prices rise, he more than makes up in capital gains what he loses in the pux-chasing power of his income. Self-employed people are in the same inflation-hedge bracket.</br></br>Managerial, professional and semiprofessional persons are not so well insulated. Though they have a big stake in homes and other property, their incomes are high too. At the lower end of the scale are semiskilled,- unskilled and service workers. Their property barely exceeds their annual income. But, in this own property of some kindÛÓ group are many youngsters, just homes, real estate, automobiles, staiting at the bottom of the</br></br>THOSE IN the lowest income brackets and those in the highest are well protected during inflation. Both groups are dominated by families who had either the time or money to accumulate property. HereÛªs the story: