People emerging from the pandemic and spending money they saved or money they're getting from the government is central to all of this. He also talks to economists who think higher prices are here to stay. Labor shortages now have led businesses to offer higher wages, for instance. Inflation today vs. inflation in the 1980s. One difference -- a much larger percentage of the work force had union contracts that had cost of living adjustments or COLA built in back then, so higher inflation meant higher wages, meant higher inflation.

Source: CNN July 14, 2021 22:18 UTC