In 2011, the last time inflation was on the rise, the then-president of the New York Federal Reserve, William Dudley, ventured into a working-class neighborhood in Queens, New York, to give a speech explaining why inflation wasn’t a big deal. Finding that he wasn’t making an impact, Dudley famously picked up an iPad 2 and told his audience, “Today you can buy an iPad 2 that costs the same as an iPad 1 that is twice as powerful.”

“I can’t eat an iPad!” someone in the audience shouted back.

Samuel Gregg, “That Doesn’t Feel Like $150 Worth of Groceries,” via the Common Sense Substack Newsletter