by Will Kessler As long as President Joe Biden continues his high government spending policies, inflation is not likely to return to previously normal levels without seeing economic repercussions, according to experts who spoke to the Daily Caller News Foundation. The last time the Consumer Price Index (CPI), a measure of inflation, was below 3 percent year-over-year was in March 2021, two months after Biden took office, with the CPI last measuring at 3.7 percent for September, despite the Federal Reserve’s inflation target being just 2 percent, according to the Federal Reserve Bank of St. Louis. To return to the Fed’s target, which was common in the decade preceding Biden without difficulty or economic repercussions, the president would have to give up his high-spending policies that have been a signature of his economic policy, according to experts who spoke to the DCNF. “It is possible that inflation returns to 2 percent, but poor fiscal policy can make it much harder and more unlikely,” Jai Kedia, a research fellow in the Center for Monetary and Financial Alternatives at the Cato Institute, told the DCNF. “There’s an economic theory called the ‘fiscal theory of the price level’ and it suggests that a stable economy requires…
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