Inflation spiked during COVID causing inflation in America and around-the-world. Because the effects of COVID have been diminished, inflation has been reduced from 9.1% to about 3.2%. Still, the public continue to blame the president for higher prices but clearly, our current inflation is caused primarily/mostly from the private sector especially big business.
1. The biggest spike in inflation occurred during COVID when the private sector “supply-chain” system that was built to maximize profits with “just-in-time” inventory supplied by international markets massively failed. COVID arrived and the private sector could not supply basic supplies/creating shortages and amping up the price of just about every product and service.
2. Inflation was extended and enhanced with the Russia/Ukraine war as supply of oil gas was disrupted throughout the world creating higher costs for every business
3. Climate Change Crisis is also intensifying and creating droughts/floods/adverse weather events that have caused significant crop losses throughout the word which raises prices in our grocery store. This will be a growing problem going forward.
4. Despite record profits, the near monopoly of the fossil fuel industry continues to raise prices without justification. Monopolies, especially among essential industries have extensive powers to extract more money/wealth/income from consumers/the working-class.
5. Corporate Greed is causing a large portion of inflation. The business community especially large corporations have aggressively raised prices beyond justification to pump up their record profits, record stock prices, record executive pay.
6. Technology is now becoming a major reason for rising rental rates for housing across America. Utilizing sophisticated software packages by third party companies have been the breeding grounds for near monopolies in most urban areas of America. Shared real estate data and Algorithms that monitor rental prices and fees for rentals have given Real Estate corporations lucrative leverage to raise prices and fees at a record pace at the peril of consumers/renters. Also, Airbnb and international speculators buying up real estate have inflated prices for all forms of housing.
President Biden is NOT causing inflation. Clearly, the growing powers of corporations and technology have given BIG Business massive powers to raise prices at will at the peril of all Americans, especially among the working-class.