Inflation Nation: Experts warn rising prices are here to stay

Experts and investors warned inflation is likely to plague the United States for years to come, despite reassurance from President Biden and Fed Chairman Jerome Powell that it is transitory, or on track to decline in the next year.

Powell said in March he expects inflation to remain high through the middle of the year, but to “come down more sharply” next year.

Over the last year, this sentiment was echoed by members of the media, who downplayed the effects inflation was having on Americans.

In November, MSNBC’s Stephanie Ruhle downplayed the inflation issue, saying while “nobody likes to play more,” “on average, we have the money to do so.” Another MSNBC host, Mehdi Hasan, criticized the “inflation obsessive” that month for their opposition to the sprawling Build Back Better program that he claimed would lower it.

In December, New York Times columnist Paul Krugman admitted he had been on “Team Transitory” and thus far had been proven wrong, writing, “Mainstream economists are currently divided between what are now widely called Team Transitory and Team Persistent. Team Transitory, myself included, has argued that we’re looking at a temporary blip — although longer lasting than we first expected. Others, however, warn that we may face something comparable to the stagflation of the 1970s. And credit where credit is due: So far, warnings about inflation have proved right, while Team Transitory’s predictions that inflation would quickly fade have been wrong.” – READ MORE