Amid widespread concern about rising consumer prices, some in the mainstream media have sought to downplay economic inflation or even make the bad news sound like a sign of prosperity.
In recent days, however, there have been fewer public figures willing to deny that inflation is a legitimate trend that is likely to remain a problem for a long time to come.
Inflation is getting harder to ignore
Even as the nation faces the worse inflation in more than a decade, CNBC pointed to “rising wages” as the “silver lining” of the situation.
Most other outlets — including CNN — are taking a more somber look at the topic. The left-leaning network acknowledged that “shortages and supply chain issues across the world have sent the cost to make and move goods soaring and left consumers paying up.”
That report went on to concede that it is “uncertain” when the troubling trend will end.
Vox offered similarly uncharacteristic candor in declaring that the cost of living seems higher “because it is,” pointing to a few of the most obvious examples of inflationary prices over the past year.
Among those examples were gasoline (up more than 50%), used cars (up 30%), along with staples like clothing, food, and shelter.
“Monetary authorities are behind the curve”
Americans are clearly taking notice, with more than 8 in 10 reporting in one recent poll that they are at least “somewhat concerned” about inflation. It is not just consumers who are wary, however.
A recent Wall Street Journal report warned that Americans “should brace themselves for several years of higher inflation than they’ve seen in decades.”
Such predictions are increasingly common among economists and come despite the assurances of Biden administration officials that who claim that inflation is just a temporary problem. The government announced this week that inflation rose faster in June than it has since August 2008 with real hourly wages falling by about 0.5%.
The Federal Reserve confirmed that it will need to begin raising interest rates sooner than anticipated, with some insiders advising that the central bank needs to be more aggressive about returning to a pre-pandemic monetary policy.
Although economist Kevin Swift told the Journal that he was “not saying that hyperinflation is around the corner,” he insisted that “the danger is that monetary authorities are behind the curve.”