The high rate of inflation is in the news virtually every day. It affects all of us. Prices are rapidly going up on almost everything. And if you listen to the Republicans, President Biden and the Democrats are totally responsible for it.
In reality, high inflation is a problem all around the world primarily caused by the covid pandemic. As nations instituted lockdowns and other restrictions, economies across the globe were put on a roller-coaster. The vaccines enabled a rapid recovery of activity, but businesses couldn’t get back up to speed as quickly producing or transporting goods. We have therefore been faced with shortages of many of the things we want to buy. With demand exceeding supply, inflation surged.
Another significant contributor to worldwide inflation is Russia’s invasion of Ukraine and the sanctions placed on Russia by us and other countries. These actions have disrupted energy supplies from Russia and wheat supplies from Ukraine, driving up prices of these basic commodities around the world.
Republicans are great at the blame game but provide little in the way of solutions to inflation or the many other problems facing our country.