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High inflation undermines the [[economy]]'s ability to generate long-lasting growth and job creation. High inflation erodes the value of incomes and savings. People on fixed incomes, including the elderly and poor are particularly vulnerable to inflation. [[Social Security]] payments are adjusted to inflation months or years after the fact and typically when inflation has already accelerated to higher levels.
High inflation undermines the [[economy]]'s ability to generate long-lasting growth and job creation. High inflation erodes the value of incomes and savings. People on fixed incomes, including the elderly and poor are particularly vulnerable to inflation. [[Social Security]] payments are adjusted to inflation months or years after the fact and typically when inflation has already accelerated to higher levels.
Inflation is caused when a government's appetite for spending on vote buying schemes exceeds its budget, flooding the country with excess currency, and leading to a general rise in the price level of a limited supply of goods and services. When businesses pass along their costs to consumers in order to remain inbusiness, [[Marxist]]s blame the "greedy" businessman rather than their [[statist]] allies in government who authorized the spending.
Under the socialist [[Biden regime]] and its transition to a socialist economy, inflation reached a 40 year high during its first 10 months with no end in sight.<ref>Mark Moore, "[https://nypost.com/2021/11/24/over-75-of-us-hit-by-inflation-and-most-blame-joe-biden-poll/ More than 75% of US hit by inflation and most blame Biden, poll shows]," NYPost, Nov 24, 2021</ref>
Under the socialist [[Biden regime]] and its transition to a socialist economy, inflation reached a 40 year high during its first 10 months with no end in sight.<ref>Mark Moore, "[https://nypost.com/2021/11/24/over-75-of-us-hit-by-inflation-and-most-blame-joe-biden-poll/ More than 75% of US hit by inflation and most blame Biden, poll shows]," NYPost, Nov 24, 2021</ref>