That is inflation not a better life because one is earning more. As I noted some of the real victims are those who’s savings were going to carry them over after retirement but have lost most of their value.
Other contributors to inflation are annual cost of living raises which creates a viscous cycle. Increasing the minimum wage increase the cost of a product or service which is reflect on the charges to the consumer. Once again that is self-defeating due to the lowering of the value of the dollar based on the unit costs.
We cannot continue to raise the debt ceiling and give away more substance freely without ultimately making our dollar worthless. It is time to balance realities against desires. It is time to focus on essentials rather than seeing that everyone has everything. Socialism is idealistic but unfortunately it is ultimately the death knell of a society due to economic collapse.
In the future I will comment on the impact of the ACA on our economy and our healthcare.