Taylor: Inflation? I’m not that worried. Here’s why.

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It’s been 40 years since inflation was this high. But Michael Taylor is not very...

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The most painful part of inflation is the rise in rents, which more greatly burdens lower-income people and younger people who rent instead of owning homes.SAN ANTONIO — To start with the obvious, inflation-induced fears have driven the financial conversation and financial markets for the past six months. The 12-month figure for August — 8.3 percent, announced in September — was bad.

The most painful part of inflation — the one that will hurt the most people — is the rise in rents, which more greatly burdens lower-income people and younger people who rent instead of owning homes. Meanwhile, your fixed-rate mortgage, after 10 years of 8.3 percent inflation, is less onerous. In inflation-adjusted terms, a $200,000 mortgage 10 years from now is equivalent to a $90,104 mortgage today. In the midst of high inflation, you win by paying on fixed-rate debt.

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