My news lies to me about inflation
One of 2022’s main talking points was inflation. A reality of our post pandemic world which had an impact on many people’s lives. Determining the economic causes of inflation, how is it measured, who is it helping or hurting and what can be done to control it are all complex subjects. All that being said…
Channels like Fox News and OAN had one simple message:
Joe Biden is causing inflation
Inflation is an International Problem
Inflation has been affecting many nations all over the world. As of October 2022 the US had an inflation rate of 7.7% which is high but is also consistent with inflation rates of many of the larger industrialized nations of the world.
How is Joe Biden causing all this inflation everywhere?
US Inflation Rate 5 Years Inflation Rate
As we can see the pandemic began changes for the United States and many other countries. We are not an isolated island, we are part of the world economy.
Source: TradingEconomies
United Kingdom 5 Year Inflation Rate
Source: TradingEconomies
Canada 5 Year Inflation Rate
Source: Canada 5 Year Inflation Rate
The truth is many different factors triggered by the pandemic have combined together driving inflation. Supply chain, natural economic drivers of supply and demand, corporate greed, changes in employment, housing, Russia’s invasion of Ukraine, energy shortages
Sources
