The Rule of 72
Divide the inflation rate into 72 and you learn how soon your money will be worth 1/2 of its current value. With 7% inflation you borrow now, in 10 years pay back in dollars worth half as much.
Rattner is correct. He could be the only adult in the Biden administration willing to face hard truths so no one will listen to him anyway.
The ‘Carter Stagflation’ was cured by Paul Volcker choking off all growth of the money supply and by Reagan slashing regulations that were preventing the private economy from growing. It will likely take a replay to cure the Biden Stagflation.
The Federal Reserve will do what they can, but they’re limited by a House of Representatives that has zero self control on spending.
Also, until we get Trump or a Trump/Reagan type in the White House we won’t get the most from our plethora of natural resources or the cutting of red tape on business.
We’re between a rock & a hard place, with plenty of economic pain in the future.