Either the respondents are not a representative sample of consumers, in which case the article's conclusions are of little value; or something other than increased consumer spending, like supply chain issues, is causing the inflation.
This can occur because companies lay off employees due to rising costs and lack of demand (while raising their own prices) or because the money is going to some alternate consumption.
Food prices could increase today simply because one or more of the beneficiaries of those trillions of dollars has allocated it to land acquisition. Retiring of productive capacity for other "economic" purposes will increase inflation.
I agree entirely. But the linked article explicitly blames increased deficit government spending. The article reads like a stealth attack on stimulus, with the implicit point that inflation should be controlled by ending it, rather than looking more deeply at causes like the ones you suggest -- which might lead to solutions that a Forbes contributor might not like, like taxing the rich.
However, in the US the investment rate is going up and businesses are expanding production. The biggest factor right now is the semiconductor shortage and there it is just a matter of time before things return to normal.
We capture increased production and investment in speculative assets as economic growth when it may not yield any new production.
GDP only dropped 2.3% last year [0], so there's approximately the same amount of stuff to buy.
The linked article reads to me like an incoherent attempt to scare people into thinking the stimulus was a bad idea.
[0] https://www.bea.gov/news/2021/gross-domestic-product-4th-qua...
My (naive) understanding is these are tightly linked. The process is something like:
=> Consumers have more cash to spend on goods.
=> Consumers buy more goods
=> More demand is created for commodities to build those goods
=> Demand for commodities exceeds demand
=> Commodity prices inflate
=> Manufactured good prices inflateAs incomes are still fixed and there are cheaper substitutes for almost everything you want to eat people will modify and reduce.
I tend to agree that all the inflation we are seeing right now is supply chain related (with the one exception of graphics cards - the liquidity injected into the system probably made price of crypto go up which accelerated the demand for GPUs, so the GPU issue is both a supply problem & demand problem)