What is inflation?
A couple years back, I attended a town hall hosted by my House representative, Gabe Amo. During the Q&A, a gal who I judged to be in her 20s referred to the current economic situation as “hyperinflation.” That was nonsense, of course. Hyperinflation is defined by prices rising ofer 50% monthly. Historic examples of hyperinflation include Hungary in 1946 (41.9 quadrillion % monthly), Zimbabwe in 2008 (79.6 billion % monthly), Yugoslavia in 1994 and Weimar Germany in 1923, where currency became nearly worthless. I’m old enough to recall the double-digit inflation of the early 1980s, and I wouldn’t call that hyperinflation, let alone the inflation of the early Biden years. Where does this come from? In a think piece over at TPM, Josh Marshall takes a stab at this. “ I was reminded of this because in the new episode of his Strength in Numbers podcast G. Elliott Morris proposes that if you look at recent economic history through the different prism of “...