Inflation’s been happening since currency was created. We don’t notice day to day because the effects are stretched over a long period.
Try calculating the value of a 2010 dollar against the current 2023 dollar. You’ll find the cumulative effect of ~5% inflation each year is significant.
In addition, periods exist throughout American history during which inflation has spiked noticably within a year or two - this is nowhere near the first time.
Inflation’s been happening since currency was created. We don’t notice day to day because the effects are stretched over a long period.
Try calculating the value of a 2010 dollar against the current 2023 dollar. You’ll find the cumulative effect of ~5% inflation each year is significant.
In addition, periods exist throughout American history during which inflation has spiked noticably within a year or two - this is nowhere near the first time.