I think part of the reason is that history always seems compressed when you look back, but the present seems to stretch forever. So you can look back at a 5-7

I think part of the reason is that history always seems compressed when you look back, but the present seems to stretch forever. So you can look back at a 5-7 year period in the 1970s and say 'look, that's where inflation occurred'. But living through a seven year period feels like a long time. The final point is that inflation statistics are calculated in different ways now. If you look at inflation measures not linked to a 'basket of goods' type measure, there is plenty to see. The breakouts in collectible markets in the last year or two certainly point to strong inflation. But on the whole the government response is not as stupid as it was in the 1970s, when they did things like put in price controls and things like that. There was a big deflationary hole to fill in first. I don't think we are anywhere near out of the woods yet.