Americans hammered by rising inflation should brace for the economy to get even more precarious, an economist has warned. Inflation comes in several stages and the next one the United States is facing won’t be pretty, he suggested based on historical precedent.
Inflation has been ramping up for more than a year after gigantic government spending during the COVID-19 pandemic led the Federal Reserve to print trillions more dollars. Consumer prices rose 8.6 percent year-over-year in May with prices of some necessities, such as gasoline, housing, and food, rising particularly sharply. Americans are now quickly realizing the economic consequences. This is stage two, with stage three and four still expected to come, according to Ross McKitrick, a professor of economics at the University of Guelph in Ontario….