What caused Inflation?
1. COVID. The main cause of inflation. It disrupted every aspect of society around the world.
2. Supply Chain disruption. The private sector’s inability to adjust to COVID. “Just-in-time” inventory system dominated by international commerce was the perfect storm for shortages of essential products and services when COVID shutdowns occurred.
3. Putin’s barbaric war against Ukraine. A “reinforcing” inflationary event/curtailed flow of energy. Oil and gas prices spiked to reflect shortages. Energy is a main component in inflation.
4. Corporate greed inflated prices of products and services beyond rationale justification. Corporations continue to raise prices despite historic record level profits.
5. High inflation was NOT just an America event. Inflation grew throughout the world as COVID and the Supply Chain disruption was a mega event effecting every nation on earth.
6. Shortage of workers throughout society creates an inflationary force.
7. Extraordinary events like Climate Change induced floods and droughts create shortage of food products found in grocery stores. Lack of farm workers to harvest the crops, aviary flu which killed millions of chickens and their ability to produce eggs.
8. The Federal Reserve System controls the money supply and interest rates. Rising interest rates on housing and auto loans have increased significantly. But the rates have leveled off and expect to be lowered during the rest of the year. The Federal Reserve System is NOT controlled by the President or Congress. They are an independent entity separate from our political system.
A monumental effect of the perfect storm of adverse events spiked inflation in America and across the world. No one president on planet earth can be blamed for the sudden rise in inflation. But one could look at the president that addressed COVID and Inflation the best and that has been the Biden Administration. Today under the Biden/Harris leadership has the strongest economy post COVID, with now the lowest inflation. Biden should be hailed for his performance, not a victim of Republican/Trump lies/misinformation. Vote for EVERY Democrat on the ballot!