Krieg is the Professor of Economics at Niagara University. Krieg joined the faculty in the fall of 2019. He earned his Ph.D. in economics from Syracuse University in 2019. His primary research interests are found at the intersection of labor, public and urban economics. In particular, he is interested in the labor and housing market impacts of minimum wage laws and other public policies targeting low-skilled workers.
Given the current high rate of inflation and related unique set of geo-economic factors targeting the supply side of the global economy (the pandemic, Russia's invasion of Ukraine, supply chain concerns, and production slowdowns in China), the closest historical comparison would be 1979. However, there are limits to this comparison. Even though the 8% rate of inflation is at its several decade's peak, it is considerably below the 22% inflationary peak experienced during the stagflation economy of 1979.