A new report on Sunday highlighted concerns from top economists about the impacts of Democrat President Joe Biden’s massive government spending.
“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.”
The report noted that inflation measures had jumped to their highest levels since the early 1990s and that the Biden administration may not raise rates until after the midterms to avoid more fallout at the polls from the administration’s policies. Read more…