INFLATION: Not Biden’s fault

As the mid-term election approaches there has been a lot of talk about the causes of this inflation. After doing some light research on the issue for accurate information here are the facts according to global economics experts.

This inflation is global and has several causes, none of them unique to this country. Some of our European neighbors are struggling with even higher rates than ours. The global economy is in a post-COVID recovery period. During the pandemic when most of the world was in a lockdown, demand for goods declined sharply and production was drastically slowed down as a result. As we recover, demand has increased but the global supply chain has not yet caught up to pre-COVID levels. This has created shortages which always drives prices up.

The Ukraine crisis has made global trade more difficult. Ukraine is/was a major exporter of food goods and fertilizers. The war has made this impossible. It has also disrupted the flow of oil from the Russian pipeline which Europe depends on for energy, and competition drives prices up.

Oil companies are making record profits right now. They just declared more than $60 billion in profits in one year and have been called in front of Congress to explain/justify this. The price of gas affects everything because it all has to be transported, sometimes over long distances.

Please keep all this in mind as you vote. There has been a lot of blame cast on Biden but in his defense this is not his fault. His Inflation Reduction Act will create projects for states, enabling them to hire people for construction/repair projects and in the renewable energy sector. It’s time to quit being beholden to oil companies who seem to care more about profits than they do about the people of this country.

GAIL MATTHEWS

Kellogg