According to a new report from the Dailly Wire, several economic experts are predicting that the American economy is about to experience some really bad inflation.
In fact, as several outlets, including The Wall Street Journal, have recently pointed out . . .
. . . it has already begun.
In one of The Wall Street Journal’s latest reports on the subject, the outlet noted how prices are rising virtually across the board.
“Costs are rising at every step in the production of many goods,” the outlet reported. “Prices for oil, crops, and other commodities have shot up this year.”
Some notable examples of these price increases are lumber, copper, steel, corn, soybeans, and cars. Corn and soybeans, for example, are seeing their highest price in nearly a decade, and lumber, in particular, is at an all-time high thanks to an increase in the building of houses.
“We haven’t seen this type of inflation in many, many years,” the Daily Wire reports Kellogg Company Chief Executive Officer Steve Cahillane as saying.
So, it is clear that we’re entering a period of inflation. But now, the two questions are “how long will it last” and “how bad will it get.”
Experts seem to be in agreement, according to the Daily Wire’s report, that this inflation is going to get really bad in the short term, but they are not in agreement about how long it will last. The Biden administration insists that it will just be temporary.
This talk of inflation has picked up particularly after the Labor Department released its latest report for the month of April. What that report found was that the United States economy massively underperformed in April.
According to the Labor Department’s report, only 266,000 jobs were added in April, which was substantially fewer than the 755,000 to 1.25 million jobs that were expected to be added. On top of that, the Labor Department altered its February and March 2021 reports, indicating that some 80,000 fewer jobs were created than previously thought.
Many are placing the blame for this on President Joe Biden’s policies, including the massive $1.9 trillion coronavirus spending package.
And, if experts are right, it appears that things are only going to get worse from here.