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Tom Leith
Tom Leith

Sigh. The ordinary meaning of the word inflation implies rising prices because of an undue increase in the money supply (i.e. “The bastards are printing more money!”). Some people add to this definition that a rise in prices caused by a decrease in quantity of goods available for sale is also inflation. But in any case, diminishing returns, or rising prices due to a shift in demand are not inflation. A professional wordsmith who tells us all why healthcare costs so much ought to know these things. I can only conclude she’s being polemical with her lead, and misrepresents Cutler… Read more »