Commentary Inflation has started to rise. The 5.4 percent increase in June is a disastrous beginning to a potentially devastating cycle. The fact that the standard of living dropped 1.7 percent for the average family in June is a disaster in human terms since the working poor and middle class will lose purchasing power while the rich get richer. The Democrats’ proposals for even more spending guarantee more inflationary pressure as former Democratic Secretary of the Treasury Larry Summers has been warning. The average American is intuitively more worried about inflation than the Biden administration. In a recent poll for the American Action Network (Transom, July 22) 88 percent of all Americans were worried about the rising cost of living, 86 percent were worried about inflation, 79 percent were worried about rising gas prices, 73 percent were worried about possible tax increases. And this is just the beginning. In this …
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