![]() ![]() Others, though, are concerned the problem is bigger than that. On Friday, according to CNN’s Kaitlan Collins, Biden told reporters that “the reason for inflation is that we have a supply chain problem that is really severe.” Some economists, as well as President Joe Biden, take the view that the pandemic - and the pandemic-snarled supply chain - are the primary culprits, and inflation will ease as the US keeps combating the pandemic and implements supply-chain fixes. But US consumers simply haven’t stopped buying, and that demand-supply disjunction has caused record inflation. That means most goods, from game consoles to oranges, are more difficult to get to store shelves for one reason or another, whether it’s a lack of critical tech components or a backup at ports due to labor shortages. Some of the causes are fairly self-evident: Entering the third year of the Covid-19 pandemic, the US - and much of the rest of the world - is grappling with a supply chain crisis. In Washington, there’s sharp disagreement about what exactly is responsible for surging inflation, and what the government can - or should - do about it. What is, however, is how worried everyone should be. “Essentially across the board,” as Vox’s Rani Molla and Emily Stewart write, everyday purchases from food to gas are costing more, and it’s going to be an expensive holiday season. The price of consumer goods rose by 6.8 percent over the past year, the Bureau of Labor Statistics reported on Friday, the biggest increase since the 1980s. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |