Remember how the Biden regime and the Federal Reserve chair keep telling Americans how “inflation is transitory” and that we shouldn’t worry much about it because it’ll pass?
Yes, well, so much for that; another lie debunked.
“Americans should brace themselves for several years of higher inflation than they’ve seen in decades, according to economists who expect the robust post-pandemic economic recovery to fuel brisk price increases for a while,” The Wall Street Journal reported.
“The respondents on average now expect a widely followed measure of inflation, which excludes volatile food and energy components, to be up 3.2% in the fourth quarter of 2021 from a year before. They forecast the annual rise to recede to slightly less than 2.3% a year in 2022 and 2023. That would mean an average annual increase of 2.58% from 2021 through 2023, putting inflation at levels last seen in 1993.”
Got that? Inflationary figures ‘last seen’ nearly 30 years ago.
Joel Naroff, the chief economist at Naroff Economics LLC, noted, “We’re in a transitional phase right now. We are transitioning to a higher period of inflation and interest rates than we’ve had over the last 20 years.”
“Inflation is expected to surge longer and longer—longer than the Fed previously thought. The Fed is now likely to raise rates in the first half of 2023, although some Fed presidents will be nipping at the bit to move sooner,” said Diane Swonk, chief economist at Grant Thornton.
Kevin Swift, chief economist at the American Chemistry Council, added, “The danger is that monetary authorities are behind the curve. I’m not saying hyperinflation is around the corner, just that a lot of things have come together in the last year, and the overall trend of costs across the board is growing faster than in the last five or 10 years.”
Continuing, Swift notes, “It’s disruptive—you can’t be sure of what your costs are, whether you can get supplies or what the costs will be six months from now. I’d hate to be in the construction business trying to bid on a job when you don’t know what the cost of steel will be 18 months from now.”
Anyone you talk to these days who owns a business or works for someone who is depending on a ‘product’ of some sort will tell you getting them quickly is impossible. That’s everything from heating and cooling units to broadcast equipment to computer chips.
And the Biden regime owns this.
The Daily Wire adds:
The Biden administration apparently knows that inflation is a serious issue that they are having to face as a result of their policies. For the Fourth of July weekend, the administration bragged about saving Americans $0.16 on the cost of the total amount of food that they’ll consume on the Fourth of July.
The administration claimed that the $0.16 in savings was proof that “the Biden economic plan is working.”
What’s worse is that someone in the regime thought it would be a good idea to tell Americans the Mindless One’s economic policies have only saved them a paltry amount of change. Talk about tone deaf.
In any event, we think it’s pretty safe to say don’t expect costs for the things you need most to go down anytime soon. In fact, they’re all liable to continue rising.