We have enough production in some areas — but not in others. Some goods are currently overly expensive because the inputs are expensive — mostly because we’re not producing enough. In many cases that’s due to insufficient competition. And there are some significant entrenched interests trying to keep things that way (lower production == lower competition == higher prices).

And FWIW, the US’s current “tariff everything and everybody” approach is going to make this much, much, much worse.

I am certainly not the friend of billionaires. I’m perfectly fine with a wealth tax to fund public works and services. All I’m against is overly simplistic solutions which just exacerbate existing problems.

This is where the problem of the supply/demand curve comes in. One of the truths of the 1980s Soviet Union’s infamous breadlines wasn’t that people were poor and had no money, or that basic goods (like bread) were too expensive — in a Communist system most people had plenty of money, and the price of goods was fixed by the government to be affordable — the real problem was one of production. There simply weren’t enough goods to go around.

The entire basic premise of inflation is that we as a society produce X amount of goods, but people need X+Y amount of goods. Ideally production increases to meet demand — but when it doesn’t (or can’t fast enough) the other lever is that prices rise so that demand decreases, such that production once again closely approximates demand.

This is why just giving everyone struggling right now more money isn’t really a solution. We could take the assets of the 100 richest people in the world and redistribute it evenly amongst people who are struggling — and all that would happen is that there wouldn’t be enough production to meet the new spending ability, so so prices would go up. Those who control the production would simply get all their money back again, and we’d be back to where we started.

Of course, it’s only profitable to increase production if the cost of basic inputs can be decreased — if you know there is a big untapped market for bread out there and you can undercut the competition, cheaper flour and automation helps quite a bit. But if flour is so expensive that you can’t undercut the established guys, then fighting them for a small slice of the market just doesn’t make sense.

Personally, I’m all for something like UBI — but it’s only really going to work if we as a society also increase production on basic needs (housing, food, clothing, telecommunications, transit, etc.) so they can be and remain at affordable prices. Otherwise just having more money in circulation won’t help anything — if anything it will just be purely inflationary.

The industry went to shit after non-nerdy people found out there could be a lot of money in tech.

I started my undergrad in the early 90’s, and ran into multiple students who had never even used a computer, but had heard from someone that there was a lot of money to be made in computers so they decided to make that their major.

Mind you, those students tended not to do terribly well and often changed major after the first two years — but this phenomenon certainly isn’t anything particularly new. Having been both a student and a University instructor (teaching primarily 3rd and 4th year Comp.Sci subjects) I’ve seen this over and over and over again.

By way of advice to any new or upcoming graduates who may be reading this from an old guy who has been around for a long time, used to be a University instructor, and is currently a development manager for a big software company — if you’re looking to get a leg-up on your competition while you look for work, start or contribute to an Open Source project that you are passionate about. Create software you love purely for the love of creating software.

It’s got my foot in the door for several jobs I’ve had — both directly (i.e.: “we want to use your software and are hiring you to help us integrate it as our expert”; IBM even once offered a re-badged version to their customers) and indirectly (one Director I worked under once told me the reason they hired me was because of my knowledge and passion talking about my OSS project). And now as a manager who has to do hiring myself it’s also something that I look for in candidates (mind you, I also look for people who use Linux at home — we use a LOT of Linux in our cloud environments, and one of my easiest filters is to take out candidates who show no curiosity or interest in software outside whatever came installed on their PC or what they had to work with at school).