Economics/Class Relations

Economists Say Life Is Going to Be More Expensive Forever, Sorry

The price of essentials like rent and medical drugs will never come down to pre-pandemic inflation levels if corporate greed goes unchallenged.

These days, it seems like everyone has a few important questions on their mind: Is the economy still in the gutter? Or are things getting better? Does inflation mean prices will stay high forever, or will these prices eventually come back down?

There’s been some developments that suggest good news is around the corner. A version of the Build Back Better agenda was passed—significantly pared down but still, passed. Hundreds of thousands of jobs continue to be created each quarter, and the Inflation Reduction Act (IRA) was passed. Finally, inflation in key sectors has begun to cool off.

That last point is key, especially if your wallet has been feeling pinched as prices have skyrocketed over the past year. Data released on August 10 shows that inflation is still elevated but falling—from June to July, the CPI’s rate of increase went from 9.1 to 8.5 percent. Still, with supply chain crises linked to COVID-19 shutdowns and Russia’s invasion of Ukraine, prices are likely to continue to inflate. 

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