Our control illusion lies shattered and we may have to live with it
We woke the beast, and now we may have to learn to live with it. After more than 20 years of low, stable inflation, it’s come roaring back in the US—at more than 9%—and it may never return to its pre-pandemic levels. We’ve already lost the benefits of our former economy: low interest rates and pay raises that actually make you richer. Now we also have to manage a new risk in our lives, the beast we thought we had tamed.