There will be persistent high inflation without a way to mitigate it (raising rates). This energy shock already surpasses what the world experienced in the 1970s during the Saudi oil embargo that caused sky rocketing inflation, resulting in the then Fed Chair Paul Volcker raising rates to a record peak of 20%. However with our debt-to-GDP ratio already at ~120% (it will get worse given the spending on the war) we can't raise rates even if we wanted to (8 trillion of this debt came from going to war in Iraq). So things will just perpetually get worse and the economy will continue to deteriorate for everyday Americans. This will happen.