The Economists Self-Censored and Inflation Is a Result
Commentary
Consumer inflation rate in the United States has remained above 4 percent since April 2021, 5 percent since June 2021, and 8 percent since March 2022. This last month’s inflation report came in at 8.4 percent, above analysts’ forecasts, disappointing hopes that the inflation rate might start to subside.
A significant part of the current inflation is a rather obvious result of the massive COVID relief and stimulus packages and the production and supply-chain disruptions caused by lockdowns and other COVID restrictions.
High inflation is forcing people to adjust their lifestyles and consumption patterns and accept a diminished standard of living. Consumers’ widespread and deep frustration has linked inflation with a stiff political cost. The public has good reasons to ask whether politicians should have pursued more prudent policy measures that would have avoided high inflation….