Letter: Inflation erodes everyone's wealth
The rich get richer and the poor get poorer? Is that true ["Focus on income gap," News, Jan. 28]?
Say, Mr. A. makes $30,000 a year in New York. Many would consider him poor, although he probably has a TV set and a cheap cellphone. He is probably on some government programs like food stamps, and when he gets sick, he walks into an emergency room and gets medical attention for free. On a world standard, he is among the richest people on Earth.
Yet Mr. A. is getting poorer; but why? Because of government monetary policies that promote inflation and reduce purchasing power. Mr. A. must now pay more to buy the same things he was able to buy last year.
Who is the villain, the free market or the government manipulating the market?
John Procida, Flushing