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The experts on inflation told us it wasn’t real, unrelated to excessive govt spending, and that it was transitory, in the last year.


The experts thought it would be transitory, but they were wrong, and most admitted that they were wrong.

It is ok to be wrong. Especially when predicting the future. Cut the malarkey.

As for it not being real, who said that? No one I know.

Unrelated to government spending? Well, inflation is multi-causal. Europe didn't go on a spending splurge, and yet they have inflation too. Most economists believe that government spending is at least partially responsible for the inflation. However, when the government was deciding to respond to the pandemic recession, economists advised them that the downside risks of over-compensating were smaller than not doing enough. And you know what? they were right. 8% inflation is certainly high, but this is no depression.




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