It’s sensible to think that there will be at least inflation commensurate with QE. That in combination with pandemic related supply chain issues make sense for inflation to be very real, but a lasting, runaway inflation lacks the fundamentals- consumer purchasing power remains strong and there is upward pressure on wages.
> consumer purchasing power remains strong and there is upward pressure on wages.
Aren't these inflationary?
I think the main problem is how people use "runaway inflation" and "hyperinflation".
It seems like most people using these words are imagining a world in which prices go up 5-15% (max) every year for years.
That is very abnormal for the US. But not hyperinflation. Even the 15%. Hyperinflation is reserved for situations like Venezuela and Zimbabwe (and, of course, Germany long ago).
I don't think hardly anyone sees inflation in the US to be as bad as it has been in Argentina. One might describe that as "runaway". But it is not hyper. And there is almost nothing in the US that has inflated at that level - let alone any indication that general inflation will get that bad.
