Inflation Punishes the Poor First

"when those policies trigger inflation and unemployment, it is the poor, the elderly, the sick, and the disadvantaged who suffer first, most, and longest. Ironically, inflation is foremost an attack on the poor, because it means that their few dollars can buy less and less."

"Deficit spending forces the Federal Reserve to increase the money supply, which decreases the value of the dollar, leading to higher and higher prices and lower and lower purchasing power. The tragedy of the misguided policies is that they were sold on the mistaken notion that they would help the poor, the elderly, the sick, and the disadvantaged."

"President Johnson’s “Great Society,” based on the fallacy of Keynesian economics, had assured an entire generation that they could have their cake and eat it too. Throughout the 1960s, politicians promised that we could wage war on foreign soil, control pollution, rebuild our medical system, overhaul our transportation network, guarantee the good life to the poor and elderly, provide a college education for everyone, feed the world, improve our weapon systems, and continue to increase everybody’s disposable income—all at the same time."