Americans are wondering when, if ever, the prices of food, gas and just about everything else is going to come down.
Unfortunately, it's unlikely high prices will be coming down soon and some certain types of products and commodities may be stuck at the high price they're at now longer than others.
Inflation continues to be at an annoying level. There's also high housing costs and rising debt affecting Americans.
Peter Morici is a business professor at the University of Maryland and a contributing columnist to the Dow Jones MarketWatch and Washington Times. He said generally speaking, when prices go up, they don't come down at all.
"Higher prices get built into the cost structure of the firm," he said. "The wages they pay people and the dividends they pay out to stock holders, it's very hard to reverse that type of thing."
Plenty of economic experts say cutting back on excessive government spending and regulations would be a good start. The Biden-Harris administration has introduced plenty of new regulations in the past three and a half years and government spending has not let up either. Morici said Harris's plan of price controls on goods at the grocery store would be a nightmare.
"I don't know how Kamala Harris is going to measure excessive profits in the food industry because it's not a high-profit industry compared to others," said Morici.
Neither does he agree with the Vice President's ideas for building new housing and getting first-time buyers into a home. Morici said a lot of the issues with housing are at the local level with zoning and local labor supply. Government regulation has increased the cost of housing significantly too.
"How on God's green Earth can she promise to build three million houses," Morici asked. "To say the President of the United States is going to do something about housing prices is nonsense."
Morici added that Democrats like to spend too much and Republicans like to cut taxes too much.
"Americans spend too much, the federal government spends too much and it taxes too little and as a consequence we have a 7% of GDP deficit," Morici said.
