Costs are up. Inflation is surging. Who’s to blame?
“Biden-era U.S. inflation soars to highest level in 40 years, costing every American more,” reads the article at YallPolitics.com. “Since President Joe Biden (D) took office, consumer prices and inflation have steadily increased, rising to a 40-year high in March of 2022 and costing every American more money to live.”
“Inflation is still surging and some Democrats see one culprit: Greedy companies” reads the article at NPR.org. “Many people (are) asking who or what is to blame for soaring prices. For some progressives, one clear culprit stands out: corporations trying to fatten their bottom lines.”
Thus saith those whose works tend to align with political interests.
Then there are the more centrist and business-savvy sources such as the Wall Street Journal and Forbes.
“Pandemic-related forces, Russia’s invasion of Ukraine have pushed up inflation to highest level in four decades” reads the Wall Street Journal Article.
“Elevated inflation has been driven by supply chain disruptions and pent-up consumer demand for goods as the Covid-19 pandemic wanes,” reads the Forbes article.
Inflation generally comes from too much demand in the face of too little supply. In the United States, the responsibility for controlling inflation lies with the Federal Reserve. It has two key duties – controlling inflation and maximizing employment. The Fed attempts to control inflation through monetary policy by which it can affect interest rates, the supply and velocity of money, and liquidity.
Fiscal policy, i.e., government spending, can affect demand. Supply chain hiccups and scarcity can affect supply. In this instance we have both plus two. Federal spending skyrocketed under President Trump and continued under President Biden. The COVID-19 pandemic decimated production and interrupted supply chains worldwide causing scarcity that persists in some areas. Plus the war in Ukraine disrupted oil supplies pushing prices to new highs and, now, bird flu is pushing poultry prices skyward.
Hello Mississippi, the state with the lowest annual incomes and lowest average annual wages, where high gas prices and high food prices can be devastating.
“The Fed missed inflation,” read a Wall Street Journal headline. The paper also noted that “Fed officials took their time” before realizing that inflation was getting out of hand and would require a sustained monetary response.
Oh, for those playing the blame game it might be of interest to know who appointed the Fed chairman and most of the current governors who control Fed policy. There are seven governor seats but three are vacant. Three of the four active governors, including Chairman Jerome Powell, were appointed by Trump.
“The rich rule over the poor, and the borrower is servant to the lender” – Proverbs 22:7.
Crawford is a syndicated columnist from Jackson.
15 comments:
You know how to counter the rising costs of inflation?
Make more money.
Every single one of these articles blaming the government for causing inflation by printing too much money, are nothing more than propaganda lies that are being used to condition the population for when the (private) central banks perform a massive rug-pull and contract the money supply. Contracting liquidity, or “calling in debt” on risky loans (used for speculative investments), is the same maneuver they did to cause the Great Depression. Don’t buy it. Shortages are causing the inflation, not printing too much money. Shortages that have been created by government lockdowns and government sanctions. They aren’t really printing “more” money. It’s all loans and it’s all digital.
The high price of Tesla stock has more to do with “printing” (loaning) too much money, than the high price of chicken, fuel, and fertilizer.
The current monetary crisis was not created by one side of the political spectrum. Irresponsible policy and unrealistic political promises are the stock in trade of far right and far left politicians. Neither has a monopoly on sensible thinking but their sheep think they do. Any remedies to this mess will come from the sanity of moderates, if there are any left. Unfortunately Mississippi the poorest will always align in the far reaches of right field no matter what it costs.
Well actually, printing too much money causes inflation. What did you think caused it? A white Santa parking his reindeer-led sleigh on your roof and coming down your chimney with gifts?
The single biggest culprit empowering our inflation is Biden's war on the petroleum industry, which he commenced on his first day in office.
Petroleum price increases not only inflate the costs of fueling cars and the transportation of all products consumed in America, but also gas fired generators, street paving, gas fired furnaces, petro-chemicals for fertilizer, plastics and resins in manufacturing and more.
Biden's printing currency to give every American $1,400 for nothing, and his extending unemployment payments, were also big inflation drivers, causing millions to quit work and stay home, forcing employers to inflate compensation.
Senators Senema (D)AZ and Manchin (D)WV are heroes for preventing another multi trillion Biden spending spree which would have driven inflation (and debt) stratospherically beyond current, painful levels.
Yeah you clowns can push that bullshit all you want but people know better. Some Mississippians were born at night but it wasn’t last night? Anyone with half a brain knew when inflation started streaking skyward and it wasn’t during the Trump administration! But go ahead a lie to yourselves if it makes you feel better. Yes inflation had moved upward slowly after the 2020 election but blew past the stratosphere when Biden declared war on fossil fuels. Shutting down drilling and closing pipelines was exactly what democrats wanted to push the price of fuel so high that American would turn to worthless electric cars. This incredibly stupid move made sure the price of everything consumed went sky high. Anyone who thinks democrats can blame this on anyone except the people in their mirrors are numb on both ends!
Happy Easter you Scrooges!
I never lived above my means, so this little bump in the road doesn’t bother me. I am a liberal democrat that was raised on the farm. I don’t feel bad for folks who allow basic taxes that are needed repealed or refuse to expand Medicare, when both would be in this state’s best interest. I can pay the taxes and don’t need Medicare. Too bad you are living High On the Hog white the Jones’
Folks, the oilfields are hiring, but they can't find employees. People just don't want to make $3000+ per week, according to Dirty Jobs guy.
The Fed didn't miss inflation; it's how they finance things without increasing your taxes. Too bad most of the population is so damn dumb they don't realize it. Just send those $1400 checks out to appease folks while they scam you out of your wealth.
Hard to fix things you know nothing about. The mental mess up in the White House can't find his way out of his own office.......
7:43 sounds like somebody who might have been born on a farm but never picked up a shovel. That attitude is easily developed while watching others work.
7:43 : So explain why you would help elect a known racist, crook and hair sniffer to office. You could have voted for a real liberal Democrat(voting record in NY) in Donald J. Trump. Who actually did a good job BTW.
Let me be sure I understand...the Federal Reserve is supposed to increase the supply and cure the supply chain breakdown.
Not only that, they should control the price of oil as set by OPEC and Russian cartels that our own oil companies follow.
And, then the " Feds" have to find workers that the pandemic either killed off or who have long haul CV or are getting the new variants and missing work.
And, while they are at it, they should do something about the housing shortage.
Not only that, they need to force all our port cities to modernize.
Then, supply can keep up with demand.
And, the disparity between wages at the top and bottom have nothing to do with inflation?
And, if only we ???...allowed a company with a poor history of pipeline construction and more fracking, the oil prices would come down. Drilling again in the oceans won't do it.
And, for God's sake, let's not compare costs vs benefits of reducing spills..
Political solutions when now offered by " news" outlets whose bias and ownership outweigh any semblance of objectivity by giving simplistic political solutions to complex problems will give us the Nirvana quick fix.
No greed or gouging? Oh? Go to the grocery and actually look at the decrease in the amount of anything in a package or jar these days that started LONG before inflation hit.
And, all of these " supply" problems happened in two years and can be fixed immediately by the " Feds"?
Right...just like 2008... it has nothing to do with Congress handing out " licenses to steal" and the toxic, nonsensical politics dividing our attention away from the foxes in the hen house?
We've proven and are still proving that we are the most gullible country in the western world with Murdock's England and Australia competing. He's just been less successful with parliamentary rule and short political cycles. Ours is now every damn day of bickering.
There are no fiscal conservatives in politics in the GOP or on Wall Street.They know the difference between myth and reality and know that the alt right is literally delusional.
@11:46 AM
Brilliant reply.
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