From WSJopinion: Consumers flush with cash and pandemic restrictions combined to drive demand for goods through the roof. Economist Phil Levy doesn’t see a return to normal until at least 2023
Journal Editorial Report: Paul Gigot interviews former Trump economics chief Kevin Hassett. Images: Bloomberg News Composite: Mark KellyDays before Christmas last year, Phil Levy was baking a sourdough loaf for his wife when their electric oven went kaput.
A General Electric model from the early 1990s, it could no longer hold a temperature, so it was time to buy a new one. Mr. Levy was dismayed to find that he couldn’t get a replacement anywhere in the San Francisco area. “The retailers had little in stock,” he tells me in a Zoom call from his home in Emerald Hills. “I had to join a queue and hope for the best. All wait times were notional.”
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