America is open again, and that's really great news. The bad news? It's going to cost you.
Thanks to the Biden administration, inflation is at a 29-year high. Couple that with pent up demand, and you get soaring costs for just about everything. Food, gas, electricity. Everything is up.
"The cost of things is going up rather quickly" said Bill Dendy, President of Elite Financial Management. "This is the price of the success" he added. "If it's a short term thing, it's not so bad. But if it's the beginning of a long term thing? It could be devastating."
Fellow economist George Seay also told KTRH, "This is what's so tragic about inflation and increased prices. The Democrats are pushing through easy money policies that create inflation, but companies aren't really going to suffer from that because they just pass through their increased costs of production to consumers."
So, is this just a short term thing? With the economy re-adjusting after a year of being shutdown due to the pandemic? Or could Joe Biden's policies kill our economy as we saw with Obama's 'great recession'? It's wait and see, according to George Seay.
"It's like we're daring inflation to come back" he said, "We're saying inflation didn't come back after the great recession so maybe it's dead and buried forever. Well, here comes the vampire out of the coffin. We definitely have inflation, and it's across the board."
Bill Dendy summed it up this way to KTRH. "What this means to the average listener out there is, you've got smart economists saying be careful, and you have smart economists saying don't worry about it. For us, we should be looking at our own personal situations. Things do run in cycles, and we may coming back with inflation. We sure are seeing it right now."
America is back! And so is inflation.