Inflation: Context and Concerns 

American voters report inflation as their highest concern in 2023. While inflation has recently reached a 40-year high, it has also begun to cool. Why are Americans still so discontent with the economy? The following is a selection of perspectives from Manhattan Institute (MI) fellows and others in the SmithSoc orbit to shed light on this policy challenge. 

• MI adjunct fellow Stephen Miran explains real wages have not kept up with inflation, leaving many life milestones—like buying a home and having children—out of reach for many Americans.  
• MI senior fellow and Bloomberg columnist Allison Schrager further cautions that inflation could come back when least expected. 
• Writing in City Journal, Niskanen Center analyst Matt Darling observes that high inflation and other economic factors are causing both parents to work in an increasing number of families. 
• MI senior fellow Brian Riedl provides helpful context for understanding inflation in an interview on current and future outlook for U.S. public finance and budget reform. 
• City Journal contributing writer Parker Sheppard explains why inflation hits poor Americans hardest.
• In a Wall Street Journal opinion piece, Hoover Institution senior fellow John Cochrane assesses different theories concerning why inflation rates have decreased.
• Nicole Gelinas, a senior fellow at the Manhattan Institute, expresses hope that the current economic crisis will finally lead to sounder monetary and fiscal policy, which will result in a more productive allocation of assets.