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As you try to come to terms with where you have ended up, take some comfort in the fact that a significant chunk of the reasonably well-balanced population is equally addicted.
I prefer to call them, at least in Ireland, the Pope’s Children. If this generation is suffering from lower wages and job insecurity, we all have a dilemma.Every religion has a creed — a set of core beliefs — and the creed of all central bankers is the Phillips Curve.The mantra goes like this: as unemployment falls, more and more firms want to employ more and more workers, but there are fewer and fewer workers available. The worker knows that if his boss doesn’t give him a rise, he can go across the road to the guy with the “vacancies” sign in the window and get paid more. At some point, the economy runs out of workers and wages rise.But there’s one problem: inflation, which usually builds as the economy picks up, is nowhere to be seen.The good news is that the absence of inflation around the western world might be the new normal — meaning interest rates will stay relatively low. But if the reason inflation is not re-emerging is because wages are not rising as they should be, then we have a problem.
If, like me, you sometimes admit to binge-watching Netflix, take heart.