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Inflation is theft. It is a simple concept that a single mother and a retiree understand but a PhD in Keynesian Economics probably does not. Examples:
In 1971 take $1,000 in crisp new $20 bills and place them in a safe while watching President Nixon blame speculators for the loss of Fort Knox gold. (He “temporarily” severed the last connection between gold and the U.S. dollar.)Spend those dollars in 2016 and you will feel ripped off because they would have bought most of a car in 1971, and in 2016 they might buy only four tires.
Take $400,000 and purchase an airplane in 1971. Today that $400,000 will purchase the helmet for an F-35.
A cup of coffee in 1971 probably cost about $0.25. Today it is $2.00.