Economist Tells CNN Inflation ‘Will Last Through 2024’ Even Without Explosive Federal Spending

Inflation in the United States will last for at least another three years, Johns Hopkins University economist Steve Hanke predicted in an interview with CNN, and potentially longer if new federal spending programs are passed.

CNN’s Erin Burnett asked him about the issue in response to remarks by White House officials, including President Joe Biden, who have said that trillions in new spending will “ease inflationary pressures.”

Hanke called the comments “utter rubbish” and said, “They’ve got so much money excess in the monetary bathtub right now that no matter what they do, if they completely cut the spigot off and didn’t put anything in, we’d still have a big inflation problem that will last through 2024.”

The Labor Department announced this month that the inflation rate in October hit 6.2 percent, the greatest one-month increase since 1991, and the fifth consecutive month it topped 5 percent. Hanke noted that he correctly predicted the impending 6 percent figure in 2020, and said it was likely to remain at least as high through 2024 — with the possibility it would last longer if Congress packed big new  He also faulted Federal Reserve Chairman Jerome Powell for arguing at a Senate hearing over the summer that monetary supply had a minimal impact on inflationary pressure.

“Powell said the money supply doesn’t make any difference, it’s irrelevant what’s going on with the money supply. So it’s incredible — the chairman of the central bank making a statement like that is just irresponsible.”

Watch above via CNN.