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Yes, inflation is back—only 6 percent as of October, which is nothing like the 13.5 percent that brought down Jimmy Carter in the election of 1980. The exact numbers don’t really matter. Rising prices, especially gasoline prices, are always bad news for the party in power. We must remember, and keep saying, that Biden is trying to improve the quality of life for all Americans, and of course the Republicans will try to change the subject and create division.
If you were taught anything at all about inflation, it was probably that “inflation is too many dollars chasing too few goods.” The problem with this traditional definition is that it creates the impression that people aren’t involved. The dollars run after the goods, the goods run away from the dollars; all untouched by human hands.