Today, inflation has reached a 40‐​year high, in response to fiscal profligacy and accommodative monetary policy.

Everyone is talking about inflation, but what is it?

When President Obama advocates a higher minimum wage in his State of the Union Address, he will no doubt argue that by increasing the minimum to $10.10, workers will have fatter pay checks and spend more, thus stimulating the economy and creating more jobs. In fact, economic logic tells a different story.