I remember when gas cost under $.30 per gallon, and dropped below $.20/gallon when gas wars happened. The standard of living of the average American is significantly higher now than it was back then. Loads more consumer goods, nicer cars, fancier houses, a larger percent of people's budgets available to spend on recreation.
Outside of runaway inflation which happens with a collapse of a nation's currency, for most people inflation is just something to learn to adapt to. I see no risk of a collapse of the US dollar as a result of today's events.
General inflation probably has the biggest impact on people incapable of understanding the difference between necessities and luxuries. Starbucks revenue is close to $30 billion. How much is spent on gym memberships?
It’s WAY more than people spending on a cup of coffee.
That last time we played the inflation game was the late 70’s early 80’s.
To cure it, interest rates skyrocketed and did a huge amount of damage to our economy .
Yes inflation is a big deal. It may have a soft landing , but a big chance it won’t .