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Cake day: August 9th, 2023

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  • For reference here are inflation rates YOY since 2017:

    2017 2.10%

    2018 1.90%

    2019 2.30%

    2020 1.40%

    2021 7.00%

    2022 6.50%

    2023 3.40%

    Just to make up for the last three years of inflation they would need +16.9% instantly. Assuming +2% inflation over those 4 years (which is the average but not right now) that means from 2020 to 2028 inflation rose 26.3% so if they started a +25% increase over 4 years this year, the workers would have the same spending power they had in 2020.

    Data is from the bureau of labor statistics