Anonymous #1 23h

It also gives us less of a reason to be involved in the mideast! Something I think we all wish for.

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Anonymous #1 22h

Inflation existed before we abandoned the gold standard and prices weren’t always stable under it either, so I’m not sure where that idea comes from. The dollar also isn’t backed by oil and keeping wages low only weakens our purchasing power. We need wages to be on pace with inflation rather than expecting widespread deflation to happen

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Anonymous #1 21h

Inflation is necessary for a healthy economy.

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Anonymous #2 20h

That's what the people who support the oil standard tell you

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Anonymous OP 20h

It existed, but it was stabilized by gold because gold doesn't shift in value nearly as much as oil. And the dollar is backed by oil, that is why prices of everything go up as soon as oil goes up. If we had the gold standard, the dollar wouldn't change as much because of oil.

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Anonymous OP 20h

And also raising wages decreases purchasing power, because then things just get more expensive. If the minimum earner suddenly makes another 10K a year, do you really think companies selling us stuff won't take advantage of that? It is why high minimum wage states are the most expensive to live in, and why they have no low-wage work for americans.

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Anonymous #1 19h

First and foremost the dollar isn’t backed by oil, that’s a fact. Oil prices affect production and transportation costs regardless of whether we’re on the gold standard. And raising wages does increase prices, yes, but that doesn’t mean prices rise at the same rate as wages. Higher wages improve purchasing power if they outpace inflation.

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Anonymous #1 19h

Inflation is literally one of the main signs an economy is growing and is healthy so long as wages stay consistent alongside it

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