Jeff Snyder

is our absolute best to make sure the jobs market is as strong and as resilient as matching the rhetoric coming from all these different economists in the Federal Reserve, so that what happens is, what should have happened if we had a strong economy, that you have prices that went up in 21 and 22, back then, five years ago, and then incomes rise to, first of all, meet prices and then exceed them.

What happens first?

What is the typical pattern?

In this case, because prices were forced higher by government action, it was a non-economic... Income has to be forced to increase.

Income should naturally go up.

If there was an actual recovery from the pandemic and the lockdowns, then incomes would naturally rise over enough time that it would equalize with the prices from 21 and 22, and then exceed them.

So even though the cost of a car is now $50,000 instead of $30,000...

you have more than enough income to pay for it.

And so we all get used to the new higher prices and it doesn't become a major problem.

But is that happening?

No, that's the problem.

What really happened was prices went up massively in 21 and 22 and incomes never caught up.

This is what people are talking about when they talk about inflation and affordability.

It's not about the price of a dryer or something that's gone up in the last year.

It's the price of everything that went up five years ago and incomes never went up enough

for people to call back.

Whose fault is that?

It's the government's fault.

They created the pandemic and the lockdowns.

And then because of the pandemic.