There is a simple reason as to why US inflation is likely NOT transitory: The American public's demand for ever greater amounts of money-printing to offset the recent price increases. This demand manifested itself in late October, 2022, just before the mid-term Congressional elections.

Newsweek claims that a majority of the American people now want the Federal government to issue more stimulus checks in order to offset inflation. Newsweek surveyed more than a thousand "likely voters" and claims that its survey

The federal government has released its Consumer Price Index (CPI) data for the month of October, 2022, drawing comments from economic observers. The CPI for October declined somewhat, but not by much. According to Mike "Inflation Trader" Ashton, the "chance of more-lasting inflation just went up a lot."

Since 2008, a comparatively small set of smart observers have predicted that the combination of the Federal Reserve Bank's monetary policy and the Federal government's fiscal policy was putting the USA on the path to economic disaster. Today, I add Sheila Bair's name to the list of those prescient observers. Here is an excerpt of Bair's predictions from years ago (2012):