As the U.S. destroys the dollar it will lead to food and energy inflation - this is going to crush low income Americans but not be particularly noticed the further one moves up the pay scale. As Zero Hedge/JP Morgan/BLS note, the lowest quintile of income earners spend over 50% their income in food and energy. The second lowest quintile spend over 25 %.
So we may not have 'official' inflation but the poorest are going to get crushed.
All the more reason to be suspicious of liberals like Krugman, who defend official inflation rates in the face of reality - much as they did with 'free trade' until it started affecting their friends.
1'How Ben Bernanke Sentenced The Poorest 20% Of The Population To A Cold, Hungry Winter' - Zero Hedge