A 54 percent inflation in Venezuela is causing the country to wage an “economic war” against businesses, according to Venezuelan President Nicolas Maduro. But in the U.S. inflation is treated much different. Some economic circles believe the American economy should allow for more inflation, others believe we can stand a lot more inflation. But what does inflation mean for average American citizens and what can it mean for you? Richard Grossman, author of “Wrong: Nine Economic Policy Disasters and What We Can Learn from Them”, joins us in studio. Former Sun-Times personal finance columnist, Terry Savage also joins along with Josh Bivens, research and policy director of the Economic Policy Institute. (Photo: Flickr/DerFussi)