When I was looking at the latest inflation data the items that are up the most are energy, cars and housing with a nod to some food items.
The more relevant number for most people is the 4.9% rise which excludes food and energy. The worst item impacting most Americans is gasoline, but we see that starting to decline.
Considering how much money has been distributed for covid relief and the amount of unemployment pumped into the economy, if we faced normal inflationary pressures, it would be a lot higher.
Inflation is certainly a bit of a problem, but I fail to see how in this economy it is a crisis. Unemployment is low, we are seeing significant increases in Social Security and pay increases have been substantial.
If it starts to accelerate or increase out of control, we will have a problem. We are already seeing energy cost come down. There isn't a real shortage in food, more imported containers.
I'm sure that inflation is a problem or even crisis for some people. When we had what looked like rampant inflation under Ford and then Carter, I remember everyone thought the sky was falling. Well it was a real problem then but it's hardly remembered today.
Jobs solve all our economic ills, and we have plenty of them.
The right wing media will continue to talk about it but it really is a blip that we will forget about in a few months.
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