People these days worry about the rising prices of gasoline and milk, but there’s another destructive inflation that has gone unchecked for years: grade inflation. Just like monetary inflation, which makes your bank account look great until you’re rudely awakened by the reality that you can’t buy as much as you used to, grade inflation makes your transcript look great, until you discover that you haven’t learned as much as you thought. And though grade inflation is not new, its recent intersection with “equity” bodes ill for the integrity of our schools.