May CPI: glass half-empty, glass half-full

The May CPI report shows inflation at 4.2% over the past year, bringing both cautious optimism and immediate consumer pressure. Wages are rising more slowly than prices, squeezing household budgets. The episode explores an optimist’s and pessimist’s reading of the data, plus the long-term economic effects of slowing immigration and a trend of summer camps adapting to serve anxious teens.