Quote of the Day: 12 January 2024 #QotD

“The net result of inflationary price increases is that everyone’s money—regardless of their income— loses some of its value. It is the same as if a tax had been imposed on everybody, from the poorest to the richest, and with everyone paying the same tax rate on their money as ‘millionaires and billionaires’ pay.” -Thomas Sowell
[And despite how many times this is explained, folks still don't understand how inflation occurs, or hat entities are responsible for it. It gets pretty frustrating.]