Inflation likely for remainder of Biden's term

 Political Insider:

Economists with the National Association for Business Economics (NABE) are predicting inflation will remain above 2% possibly over the next three years, just weeks after White House Press Secretary Jen Psaki claimed, “no economist” is projecting it to go higher.

“The nation’s business economists have sharply raised their forecasts for inflation, predicting an extension of the price spikes that have resulted in large part from bottlenecked supply chains,” the Associated Press has reported.

Fox Business adds that panelists with the NABE have upped their projections for inflation going forward indicating it could “remain above 2% over the next three years as a result of rising wages and strong demand for goods and services.

Economists, they write, “project that the overall consumer price index will rise 6% year-over-year in the fourth quarter of 2021, compared to September’s forecast of 5.1%.”
...

Businesses nationwide are short-staffed and food shortages are becoming so common that people are posting images of their local grocery store’s empty shelves and forcing Twitter hashtags like #EmptyShelvesJoe to trend.
...

There is much more.

Gas and groceries are much more expensive.  At least gas is available despite Biden's idiotic restrictions on drilling and pipelines.  Groceries are a different matter.  They are not only more expensive but also less available.  Normally the government's response to inflation is to push up the cost of borrowing.  So far, the fed has not done that. 

While the supply chain has been credited with much of the inflation, the Biden administration does not appear to have a plan for fixing the supply chain problems and California is exacerbating them with regulations that impact the unloading of cargo ships and the trucking industry.

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