Are We Really Headed for 1970s-Style Inflation?

Bloomberg “estimates that U.S. households will have to spend an extra $5,200 this year, or about $433 a month, for the same consumption basket.”

“This is a major shock to a whole generation of consumers who had become accustomed to little or no inflation.”

Larry Summers: “I’m probably as apprehensive about the prospects for a soft landing of the U.S. economy as I have been any time in the last year. Probably actually a bit more apprehensive. In a way, the situation continues to resemble the 1970s.”