Looking ahead, is double-digit inflation likely to stay with us in future years?

When you make a prediction about something that is humanly possible to influence, you are making a prediction about the will of the American people. All I can say is, it better not. Inflation is a universal tax. It falls on the poor harder than it falls on the rich. It's totally inequitable and a double-digit rate is about the most destructive thing that can happen to our country.

But remember, inflation doesn't grow on trees. It's made by people, real live people, living in Washington.