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This is the second great eruption of inflation in my lifetime, with effects felt in Seattle and across the world.Many things are more expensive and most wages aren’t pacing the increase in costs. As my colleague Paul Roberts recently reported, high interest rates and large demand for housing is causing many first-time Seattle homebuyers to look out of town.The challenge for this cohort isn’t merely high mortgage costs. Child care and employment instability in many sectors, including tech, contribute to the desire to leave Seattle. The city is increasingly a renter’s market.High prices and interest rates also fall hardest on millions of families with low or moderate incomes. People are taking on debt, falling behind on auto loans and credit card bills.The first big inflation period, in the 1970s, was caused by two major elements: the oil boycott by Arab nations, which inflicted tremendous ec …
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