By Rich Lowry
March 28, 2008
Beneath the headlines of Wall Street’s financial crisis lurks the economic killer for ordinary Americans — inflation.
It steals from the pocketbook of every American consumer, in an across-the-board regressive tax hitting especially hard those who spend most of their income on food and energy. It cuts into profits and washes away savings. And it has a self-perpetuating dynamic — once people become habituated to inflation, it’s devilishly hard to stamp out.