Inflation Today: 5.4 Percent

Image by Gerd Altmann from Pixabay
On the Point commentary by Greg C. Truax airs weekly on WHBO AM 1040

Opinion

By Greg C. Truax

Inflation warning signs are flashing.

One prominent economist, Larry Summers, a Democrat, recently Tweeted that “until the fed and treasury fully recognize the inflation reality, they are unlikely to deal with it successfully.”

Economist Summers, a former Secretary of Treasury, notes that when the Biden Administration formulated its budget in February, it expected two percent inflation in 2021.

But today inflation is running at a 13-year high of 5.4 percent. Go to the grocery store or gas station: Food,  energy, as well as shelter costs are rising rapidly.

Polls show that Inflation has become a top concern for many Americans, and some expect inflation will stay high.

Question:  Are worrisome  wage-price spirals building in the economy?

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Greg C. Truax is a documentary filmmaker, news commentator and publisher of AliveTampaBay.

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