As the US economy continues its recovery from COVID-19, retail sales have jumped to 15% above pre-recession levels. But that consumption comes at a cost, stirring inflation for gas, food, and building materials. And amid those rising fears and the reality of considerable labor shortages and wage inflation, one question persists: could we have overstimulated the economy?

“Maybe we did,” says John Chang, senior vice president and director of research services at Marcus & Millichap. “But that’s probably a lot better than understimulating it and waiting years for a recovery.”

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