Lesson: Inflation and Deflation

In this lesson, brace for a deep dive into the economic phenomena of inflation and deflation as Nick Palazzolo, CPA, eloquently demystifies these concepts and their impact on different socio-economic classes. Nick doesn't shy away from explaining the harder realities, revealing how inflation adversely affects those living paycheck to paycheck while often benefiting the asset-rich upper class. As the discussion pivots to deflation, Nick lays out the dynamics of decreasing prices and the potential dangers an economy might face in such conditions. Furthermore, this lesson introduces hyperinflation and stagflation, detailing how these extreme scenarios can destabilize economies, alongside simple memorization tricks to keep crucial definitions top-of-mind.