Inflation Concerns Cut Across All Generations

Those of us that experienced the 1970s and 1980s know the costs of inflation well.  Inflation makes it more difficult and risky to save and plan for the future.  It also creates a sense, rightly or wrongly, that one's earnings fail to keep up.

Now we are seeing inflation rates that are like that in the 1970s.  All Americans, especially young people, are rightly concerned.  

According to a Harvard/Harris Poll most young people correctly view excessive government spending and Federal Reserve money printing as the reason for inflation:

    Q: Are you concerned about increased inflation?
    18-34 Very/Somewhat Concerned: 87%
    All: Very/Somewhat Concerned: 88%

     Q: Are you concerned or not concerned that spending an extra $5 trillion dollars for the Biden infrastructure and families plan will lead to ...
   (18-34 only)

    Higher taxes down the line:  81%

    Runaway inflation: 78%

    Economic uncertainty: 79%

    Lower economic growth: 76%

    Negative impact on your finances: 76%

Young people are rightly concerned about all of these things.  More spending will mean higher taxes and higher rates of inflation (as government prints money to pay for these things).  Ditto on economic growth and impact on one's finances.