Compared with the grand larceny in some other countries, inflation has rarely been more than a pesky pickpocket in the U.S. Rising prices filched a few pennies at a time from wages and profits and prompted endless grousing, but for a majority of Americans, caused no real hardship; incomes usually went up faster. So, nothing in recent history has prepared the nation for the shock of what is happening today: a double-digit inflation that raises unsettling visions among many Americans of the price spirals in South America or Indonesia.
Explosive Issue. Though U.S. inflation is by no means that bad,...
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