[jollybean]

Because we just went through a massive existential shock with COVID, in which the Fed took on a staggering amount of assets i.e. liquidity - and - we've had material global problems which cause major increase in the cost of goods and fuel.

In 2008 we had a 'banking crisis' but that was an 'accounting crisis' otherwise the economy was normal. We had to re-allocate.

With COVID, we had a real shock to the system, and then lasting shocks due to increased prices.

So both the money printing and regular higher prices are coming back to hit the economy.