In the recently published Inflation and the Family, Jason Degner delivers a compelling, accessible, and deeply necessary work—one that lays bare the real, grinding consequences of inflationary policies on everyday American families. For those concerned with economic policy and its social ramifications, Degner’s book is not just timely, but vital.

For decades, Americans have been told that modest inflation is a sign of a healthy economy. Central bankers and mainstream economists have repeated the mantra that 2% annual inflation is a desirable target, something to be managed rather than avoided. But as Degner lays out with devastating clarity, this kind of thinking is disconnected from the lived experience of ordinary people—particularly families trying to build stable, secure lives amid the wreckage of decades of monetary expansion.

One of the most glaring and immediate effects of persistent inflation has been on asset prices, particularly housing. Degner’s work is most potent when illustrating just how dramatically inflation has eroded housing affordability. Consider this: in 1980, the median home price was about $47,200, and the median household income was around $21,000. A typical home cost a little over 2.2 times the median income. Fast forward to 2022, and the median home price soared past $428,000, while the median household income was just over $70,000—meaning the cost of a home was now more than six times the median income. And that’s before factoring in rising interest rates. In other words, a family that could once reasonably expect to buy a home on a single income now faces a brutal arithmetic that excludes homeownership altogether unless they inherit wealth, acquire dual incomes, or settle for long-term debt servitude.

Degner rightly points out that the inflation of asset prices is not a natural phenomenon—it is a deliberate consequence of central bank policy. Cheap money and artificially low interest rates have fueled a bidding war in housing, stocks, and other assets, disproportionately benefiting the wealthy while pricing out young people and working families. Meanwhile, the very people who suffer most from rising costs—those on fixed or low incomes—are told inflation is “transitory,” or worse, good for them.

The book’s treatment of the cost of living is equally urgent. As Degner documents, the true cost of living has soared over the past two generations, even as real wage growth has stagnated. While official statistics report modest inflation, anyone paying bills, buying groceries, or filling up their car knows better. The prices of essentials—food, fuel, healthcare, childcare—have risen sharply, often in ways hidden from CPI reports through quality adjustments or hedonic indexing. But as Degner shows, no amount of statistical gymnastics can hide the truth: it is harder now to raise a family on a single income than it has been at any time since the Great Depression.

Degner is also unflinching in identifying the culprit. Inflation is not some mysterious force beyond our control: it is policy. It is the result of decisions made by central banks, fiscal authorities, and political actors who prioritize debt monetization, financial markets, and elite interests over working families. The book argues (rightly) that inflation acts as a stealth tax, one that erodes savings, punishes prudence, and distorts the structure of the economy.

What’s particularly effective about this book is how Degner anchors these arguments in concrete, relatable terms. He weaves in stories, examples, and data in a way that never feels overly technical but still respects the reader’s intelligence. There is a moral clarity to the writing that recalls the best of the Austrian tradition: a recognition that inflation is not merely a monetary issue but a deeply human one, with profound consequences for community, family, and future generations.

For those of us concerned with the trajectory of American life—its economic fragility, declining birth rates, collapsing social trust—Degner’s book is a sober reminder that many of these trends have roots in our monetary regime. By continually devaluing the currency, we have devalued the very foundations of a stable, prosperous, and morally coherent society.

Inflation and the Family should be required reading not only for economists and policymakers, but for anyone trying to understand why it feels so much harder to get ahead today than it did a generation or two ago. It is a book that challenges orthodoxy, defends the dignity of the family, and demands that we take seriously the corrosive effects of our inflationary era.

So forget Democrat and Republican promises to print yet more money to support the having of more children: just end the inflation!