The Rising Influence of Rising Affluence

[Fred Kadiddlehopper]

I recognize that this is not a settled question and is a matter of debate among those who are far more schooled in this topic than I am. That being said, inflation requires more dollars chasing fewer goods and services in order to be a real sustained phenomenon. This can't happen in a long arc of time when wealth continues to flow from the bottom to the top of the social pyramid.

This concentration of wealth is not a matter of debate, but certain and verifiable.

A resurgence of activist trade unionism (not too likely IMHO) is one way to reverse that but it can also be addressed by tax policy (somewhat more likely), or, some combination of the two.

Absent any meaningful change in this regard, I feel certain that inflation will not be more than a fleeting thing.