Commentary

Why inflation is such a tough beast to tame

Too much money will continue to chase too few goods for a long time — and the Biden administration’s policies won’t change that

Why inflation is such a tough beast to tame
Photo: Getty Images

Peter Morici is an economist and emeritus business professor at the University of Maryland, and a US national columnist

The US Federal Reserve and Biden administration are navigating a terribly challenging macroeconomic environment. Even if labour markets cool, inflation will remain volatile, owing to poorly conceived federal policies and significant inconsistencies between workers’ wage expectations and the value of what they can produce.

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