...”Krugman need not worry. Inflation is now and in our future”...
Anyone who buys gas and groceries knows we have big time inflation right now. It is the most cruel and HIDDEN tax on the American people. What they have done and are doing to us is a crime and they are doing it because they now have about half of us on the government dole. We are sheep..We are the frog oblivious to the fact that we are being boiled. I weep for my country. I weep for the dearth of honest and courageous men and women in authority positions in our institutions. Very few are willing to risk their lives and their fortunes to secure continuing freedom for us. God, empower some of those people among us who have these traits to get the visibility they need to help our citizens understand the peril we are in.
———we have big time inflation right now———
I would argue the inflation is not uniform nor universal and thus not yet big time. Gold has stopped rising and the presently rising prices for oil and food are lagging the $ devaluation that is represented by the rise in the price of gold.
When the wage inflation begins, as it eventually will, then the inflation will be big time. Wage inflation in the current economy will be the ultimate lagging inflation indicator.
It is unclear to me how to assess and compare the inflation component of GDP growth. It would seem that some portion of the miniscule GDP growth is actually inflation and not real growth.