Economic guru Steve Rattner, who served in the Obama administration, predicted Wednesday the inflation crisis will likely end with a "hard landing."
The economic geek-speak refers to a sudden period of economic downturn that often results in a recession. The metaphor, drawn from aviation nomenclature, inherently discounts a total economic crash.
The numbers prove that inflation is not slowing down despite some indications previously suggesting that it was. The acceleration comes despite President Joe Biden signing into law the Inflation Reduction Act, whose alleged inflationary benefits the White House has been unable to explain.
Speaking on MSNBC's "Morning Joe," Rattner warned the trajectory of the inflation crisis is more economic pain for Americans.
