Samuel Gregg, Research Director at the Acton Institute has written an excellent piece for APP today on why inflation matters. An excerpt:

The 1970s were not a happy time for America: foreign policy reversals, seemingly-endless upheaval on university campuses, the 1973 oil shock, the humiliation of the Carter years, not to mention the disgrace and resignation of a sitting President. Economically, the 1970s were a lost decade as the American economy was wracked by a most unholy trinity: recession, high unemployment, and rising inflation.

Today the first two of these phenomena are making their presence more than amply felt. In June this year, for example, unemployment reached a 26 year high of 9.5%. More than one economist believes that it is only a matter of time before the third member of the 1970s trio – growing inflation – will be back to wreck havoc upon us.

[Read the full article here.]