‘That Doesn’t Feel Like $150 Worth of Groceries’
Shoppers in Cambridge, Mass., in 1977. (Barbara Alper via Getty Images)
Why inflation is worse than you think.
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In 2011, the last time inflation was on the rise, the then-president of the New York Federal Reserve, William Dudley, ventured into a working-class neighborhood in Queens, New York, to give a speech explaining why inflation wasn’t a big deal. Finding that he wasn’t making an impact, Dudley famously picked up an iPad 2 and told his audience, “Today you c…
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