Chuck Jaffe: Better start saving more money, because rainy days are here

A growing number of studies show that American consumers have responded to protracted inflation by cutting back on savings and investing. If you want a recipe to make a bad inflation problem worse, that’s it.  

Worse yet, while you can blame central bankers, politicians and policy economists for the inflation morass we are going through, the way you respond to it, get through it and the consequences you suffer from it are your own doing. Even if done under duress, you will shoulder some blame if it plays out badly.

And…