Survey of Economists: Bidenflation Will Remain Stubbornly HighWendell Husebø 22 May 2023
Economists no longer expect inflation to come down as rapidly as they forecast earlier this year.
The median expected rate of inflation moved up to 4.2 percent in 2023, higher than the forecast of 3.9 percent the survey predicted in February, the National Association for Business Economics survey found.
That is more than twice the Fed’s target inflation rate of two percent. The Fed raised its interest rate target rapidly last year in an effort to bring down inflation.
According to Bloomberg, President Joe Biden’s 40-year-high inflation, on average, cost American households an extra $5,200 last year, or $433 per month.
Americans are paying higher rates on auto loans, credit card borrowing, business loans, and home loans. Among millennials who intended to buy a house in 2023, 92 percent said inflation impacted their goal of home ownership, a recent survey found.
The negative outcomes of inflation, fueled by massive spending during and after the pandemic, could cause Biden’s economy to slip into a recession.
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https://www.breitbart.com/economy/2023/05/22/survey-of-economists-bidenflation-will-remain-stubbornly-high/
