Is inflation back? The trend (and the big spend) are not our friend

Americans have not suffered from really high inflation rates for a generation. Notably, there is widespread agreement among economists across the political spectrum that inflation harms the poor disproportionately.

According to the following chart from the New York Times, inflation hit 5% in May. The annual rate hasn’t been 5% since 1990. What happens next is anyone’s guess, but there is no doubt that the kind of spending we’ve seen from the Biden Administration is largely to blame and unsustainable.

Current U.S. Inflation Rate, May 2021 | Finance Reference

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