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How Inflation Helps Rich Become Richer
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[QUOTE="King bell, post: 271860, member: 75687"] Inflation is an economic term that affects your daily life, whether you are aware of it or not. It is the increase in the general price level of goods and services in an economy over time. Living through a period of inflation (e.g., late 1970s and early '80s), you would have seen a significant change in your purchasing power, such as the ability to purchase twice what you could previously for the same amount of money. Some economists believe that inflation has a "trickle-down" effect from rich to poor, providing more jobs and income opportunities for those who need them most, while others feel that it hurts everyone except those at the top. To decide whether inflation affects all people equally, you have to take a close look at the Fed's actions. The Federal Reserve, or "the Fed," is the central bank of the United States. It sets monetary policy (interest rates and lending) to achieve its mandated goals of full employment and price stability. Many people feel that the Fed has done a poor job of creating jobs, but it has had much more success in controlling inflation. Since about 1980, consumer prices in the U.S. have risen on average at an annual rate of 3% per year. [/QUOTE]
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