Wages chase prices
The tentative agreement for the Rail Unions, as yet unratified, included a healthy pay-bump. Critics scold Biden for brokering the deal because it will "embolden other unions to ask for higher wages".
Frankly that criticism is one of the stupidest I have ever read. Unions always ask for more money. With accelerating inflation they have a duty to demand it and STRIKE if they do not receive it.
I think they would be better served to accept a little bit less and to shorten the duration of the contract but that is just my opinion. A 20% pay increase on a three-year contract may seem enormous but it is paltry if annual inflation is that much or more.
When Money Dies
When Money Dies is the title of a book documenting the hyper-inflation in the Weimar Republic, Austria and Hungary after World War One.
Losers were legion. Especially hard hit were those on fixed incomes, that is, people on pensions.
Winners were few but they did exist. One class of winners were those who converted their assets to assets denominated in "hard currencies". Countries in the convulsions of inflation make it difficult to consummate these kinds of conversions but it is worth looking at. My dilemma is finding a currency that is not subject to inflation. I don't understand crypto...I don't trust it.
Another set of winners were families who could convert local or ubiquitous resources into necessities like food or wood-stoves or medicine or clothing. There is much to be said for an industrial sewing machine with parts, some solar panels to power it and 50,000 yards of #69, polyester thread. Throw in some zippers and snaps and buttons and you have a business.
Maybe those union members would be better served with more flexibility with regard to their time. Then they could get a side-hustle. That is how the southern tier of countries in the EU survive. Side-hustles. Gardens, nurseries, making distilled spirits, selling wine, shade-tree mechanics, resoling footwear, rides to the airport and so on.
Another lesson from When Money Dies is that people will rob you. One story is of a farm-family that went to church services and they came home afterward to find that their farm had been pillaged. Particularly sad was that the raiders had slaughtered their milk-cow and only removed a few cuts of meat. Key point: Leave several people to guard your source of wealth/production when going to church or to town lest you come home to ashes.