It’s Time to Balance the Budget

Former Treasury Secretary and Harvard Professor Larry Summers makes remarks during a discussion on low-income developing countries at the annual IMF and World Bank Spring Meetings in Washington on April 13, 2016. Mike Theiler/AFP via Getty Images

Commentary

Inflation has started to rise. The 5.4 percent increase in June is a disastrous beginning to a potentially devastating cycle. The fact that the standard of living dropped 1.7 percent for the average family in June is a disaster in human terms since the working poor and middle class will lose purchasing power while the rich get richer.