Inflation is definitely here; that is not on the horizon. It appears to be sustained inflation. I think you are so used to the alt right claim that we will have inflation in the near future, that you are falling back on it again. The alt right has been able to predict 39 of the previous zero inflation spikes. They had given up predicting it just when it actually happened.
So the next question is will it get better, worse, or stay the same? When something stays the same, people get used to it, and so it basically gets better. So that makes the real question, will it get better, or worse?
The market has made a prediction on that. You can still get loans at very low rates, because the market expects inflation to be very tame over the long term. The market is not always right, but it usually is. That would mean inflation is a losing issue for the Republicans.
But then again, the market could be wrong.