The inflation awakening of Alan ColeĪlan Cole first woke up to what we're calling skimpflation this summer. And some argue the government is failing to properly account for this kind of inflation when crunching official statistics. As with normal inflation, it means we're getting less for our money. While it may lurk in the shadows, make no mistake: Skimpflation is a form of inflation. And the Oxford dictionary definition of the word "skimp" seems to fit what they're doing: "Expend or use less time, money, or material on something than is necessary in an attempt to economize." Nonetheless, whether it's because they can't afford to, they don't want to or they're being greedy, instead of enticing workers with higher wages, many businesses are cutting back on the quality of their services in order to stay profitable. And some businesses may be unable to afford paying what it takes to recruit workers in the current environment. They're having a hard time finding workers at the wages they used to pay. Many businesses, especially small businesses, are struggling to cope with surging costs and pandemic-related expenses. Skimping has a derogatory connotation, and, we should note, not all companies are Cruella de Vil or Scrooge McDuck. It's when, instead of simply raising prices, companies skimp on the goods and services they provide. We propose a new word to describe this stealth-ninja kind of inflation: skimpflation. It's a situation where we're paying the same or more for services, but they kinda suck compared with what they used to be. The economywide decline in service quality that we're now seeing is something different, and it doesn't have a good name. That's when the price of stuff stays the same, but the amount you get goes down. And if you read this newsletter, you've heard of shrinkflation. But, the company said, its trams to and from parking lots will remain idle for the foreseeable future. "It has nothing to do with COVID at this point."Ī couple of weeks ago, amid mounting online fury over Disney's transportation issues, the company announced it was finally reopening its famous monorail system. "Trams need to be driven by multiple drivers." "They haven't brought back the trams because it's saving Disney money!" writes Daniel P. "Customer service is gone at Disney," says commenter James E. Some Disney fans are acting as though the company is a kind of greedy Cruella de Vil, willing to slaughter cute puppies and turn them into coats for a profit. Despite reopening more than six months ago, Disney World and Disneyland have yet to restart their tram services to and from parking lots, forcing visitors to walk nearly a mile to enter and exit the parks. The guests of the Magic Kingdom are restless. Skimpflation is giving you less for your money.Īll is not so happy at the happiest place on Earth.
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