My "formative years", that is, the years where I first became aware of the 'outside world' (let's say roughly the ages of maybe 12 - 17, so that would be roughly 1974 - 79) had LOTS of inflation. It was a big enough problem that I remember Gerald Ford having some kind of ad campaign called WIN: "Whip Inflation Now." I have no idea what that program was, I just remember hearing about it a lot. Newspapers had editorials and economists predicted doom and gloom in the 70's if inflation continued.

After that, we pretty much got used to not very much inflation in general retail prices (except for occasional spikes in fuel prices caused by conflicts or crises around the world.)

But from what I've seen recently, we are poised for double-digit inflation for the first time in at least 35 years, maybe longer. I'm betting some of you younger folks probably don't even remember inflation like that.

All those folks demanding $15/hr minimum wage are going to find their demands OBE: Overtaken By Events. Regardless of the "federal minimum wage" employers are going to have to start offering $15/hr minimum if they want to attract any employees at all.

Sad thing is, all those employees who were so happy that they're now earning $15 or even $20/hr are going to be scratching their heads and wondering where all that money went when they realize that the goods and services they rely on are also going up, and those costs are just going to gobble up that "extra" money and leave them with nothing to show but maybe a higher tax bill.

And of course, now the government wants to deal with inflation by throwing more money at people. Hmmm....prices are high, we give people more money so they can spend. What could possibly go wrong?

My question to the group: At what point does inflation start putting a damper on economic growth? As in, when do people have to spend all their $$ on NECCESSITIES so they start cutting back on luxuries like eating out, travel, recreation, etc?

Currently we're doing OK but I'm definitely feeling the pinch when I go to the grocery store or the gas station. More money spent on needs means less to save or spend on other things.

My inclination at this point is to cut back on my "discretionary" spending and try to ride out the storm. If others do the same, we might see prices start to drop, but if the Feds just start throwing money at anybody with a pulse, we'll see crazy inflation get even worse.