It’s Hard To Have Inflation When So Few People Have Jobs

When you hear people worrying about inflation, keep in mind that currently the employment:population ratio is way below the trough of the last two recessions:

Also note that very high peak around 1999. Even at that level, there was no dangerous inflationary spiral. Maybe one was lurking around the corner and the Fed preempted it by raising interest rates. Or maybe even then the interest rate hikes were unwarranted and we could have had more job growth. But in the last expansion, we never even got that high.