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Throughline

History's playbook for taming the beast of inflation

Throughline

NPR

Documentary, History, Society & Culture

4.616.4K Ratings

🗓️ 28 May 2026

⏱️ 47 minutes

🧾️ Download transcript

Summary

Gas. Meat. Flights. Houses. The cost of living is up. Inflation is rearing its head again. And as it rises higher, inflation risks devastating economies and draining savings accounts. So what can be done about it? This week, we explore the history of inflation in the U.S., how the government has responded, and who pays the price. This episode originally aired in 2022.

Guests:

John Cochrane, senior fellow at Stanford University's Hoover Institution

Meg Jacobs, senior research scholar, Princeton School of Public and International Affairs


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Transcript

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0:00.0

Inflation is back, rearing its ugly head.

0:05.2

Inflation's heating up again.

0:06.7

To its highest level in almost three years.

0:10.1

And we've got to get it back down.

0:12.7

Since President Trump ordered strikes on Iran,

0:15.3

and Iran retaliated by shuddering tanker traffic through the Strait of Hormuz.

0:20.1

Prices all over the country are up.

0:22.8

Many families are struggling with costs.

0:25.0

I just drove by a gas station a day, and it said $7.25 a gallon.

0:28.3

Yesterday you could afford to fill the car with gas. Today you can't.

0:31.7

And that means transportation by truck, train, or plane has become more expensive, too.

0:37.5

Grocery prices, for example, jumped about 7 tenths of a percent last month alone.

0:42.3

I'm not buying this. I can't afford it.

0:44.1

People are tired of getting ripped off on food prices.

0:47.6

Boy, I'd love to have some beef.

0:50.3

It isn't just food. It's housing, health insurance, mortgage rates.

0:55.5

The cost of living rises with inflation.

0:58.4

And that means our money goes less far.

1:01.7

No one is happy about that.

1:03.9

Consumers are just to the point where give us a break.

1:07.9

You're stuck and your dollars are buying less and less.

1:10.9

And it's happening at a time when the nation's main inflation fighting institution, the Federal Reserve,

...

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