Americans have still not realised that the reason inflation was kept down for so long was technological improvements and outsourcing the work to ultra cheap Chinese labour.Many years back I ran a Bitcoin client, waited until it generated a coin, then I deleted the application and the local wallet. It felt kinda meh to me. I tried it again a couple years later and it took so long just to get the blockchain I deleted it without generating any coin. I am sure a lot of people did the same as me and a lot of the early coins are basically gone.
Not anymore. Tesla uses their own chips for the self driving hardware. They basically hired chip designers and made a chip for that.
The US has had plenty of time to get its act together. Instead they printed trillions to use to fund their military and military adventures abroad. Last I heard Trump wanted Australia to fund infrastructure development in the US, and he wanted toll roads to repay those loans. Whatever Biden does, I suspect it will be more of the same so he'll just be throwing good money after bad investments. He might patch up some of the existing infrastructure. But US transportation infrastructure is not cost effective and the whole way US city planning works is inefficient. Zoning the way it is done in the US ala SimCity is one of the dumbest ideas ever. No mixed residential/commercial for the most part and gobs and gobs of single family homes is energetically wasteful.
Inflation has been rising on every single thing people actually need like food, clothes, or housing. Only some consumer electronics prices, or cars, were going down and now with the trade war, and lack of supply for semiconductors even that is being put into question.
However this wont work anymore, yesterday I think, China released its inflation for producing products and it was ~4.4% vs the estimate ~2.4% estimate. And guess what, China exports to the whole world, so when China raises prices the whole world soon follows.
Inflation is coming now and its time to get ready. The FED can joke all they want about not raising rates but the market is having none of it