While President Joe Biden and leading economists in the federal government say inflation will be short-lived, other experts say rising prices for almost everything will get worse – perhaps much worse.
Billionaire investor David Rubenstein said Americans are likely to suffer from inflation for some time.
“Inflation, as we all know when it enters the system, is very difficult to get rid of,” he told Fox News. “It takes a long time to get it out, it can take years.”
“So now I don’t think inflation this year will be the same as last month or anything. “I don’t think we will have 8% annual inflation, but I suspect that something around 5% is probably not unlikely, maybe even 6%,” he added.
Milken Institute chief economist Bill Lee agreed, saying inflation would be “well over 3.5%” over the next five years.
“One of the things we’ve seen is that inflation has, you know, a very direct impact on Americans, on American families and on American business,” Congressional Budget Director Philip Swagel told Fox News Digital. “It also has consequences for the budget. For American families, high inflation, which we have seen for the highest in decades, means higher prices for food, travel, and gasoline. This means that family income does not go that far. Family budgets are stretched. “
Last month, the Department of Labor announced that the Consumer Price Index (CPI), which measures what Americans pay for everyday products such as food and gas, has risen to a 41-year high. The CPI jumped 8.5% from a year earlier, according to data released on April 14th. Excluding food and energy, the CPI has still increased by 6.5%.
Such rising inflation has not been seen since the late 1970s, when Jimmy Carter was president, and the early 1980s, after Ronald Reagan took office.
“The price increases come from many of the usual culprits,” CNBC reported. “Food increased by 1% for the month and 8.8% for the year. … Energy prices rose by 11% and 32% respectively, while “Shelter costs, which account for about a third of the CPI weighting, increased by another 0.5% for the month, making the 12-month profit a staggering 5%. . ”
The White House has repeatedly tried to distance the president from rising inflation, to the point of coining a new term, “rising Putin’s prices.”
When Biden took office, a gallon of regular gasoline was $ 2.37, according to the AAA. The average price of a gallon of gasoline is now $ 4.22, which is 43% more than a year ago.
Consumers see rising prices daily in the grocery store. “The price of meat, poultry, fish and eggs is 13% higher than in February 2021,” CNBC reported. “Fresh fruit rose by 10.6% during that time, while the price of vegetables remained much more stable, rising by only 4.3%. The price of pre-packaged cereals and pasta has increased by 7.7%. “
Joseph Curl has covered politics for 35 years, including 12 years as a White House correspondent, and led the Drudge Report from 2010 to 2015. Send advice to josephcurl@dailywire.com and follow him on Twitter @josephcurl.
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