Younger people have never seen anything like this. They have no concept of rapidly rising prices. At 7.5 percent for the past year, price inflation is at the highest level since 1982. Rising prices are destroying the purchasing power of the dollar. They are eroding the wage and salary increases that have occurred over the past year. Everyone is suffering. But lower income households are hit hardest. Moody’s Analytics, a financial services firm, analyzed the effects of inflation on the average household by comparing their spending patterns under the 7.5 percent inflation rate of the past year with that during...

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