Blame Our Modern Economy for Today’s Inflation

 Blame Our Modern Economy for Today’s Inflation
Photo by NeONBRAND on Unsplash

Headlines are screaming that inflation is here to stay. Consumer prices have risen by an average of 6.2% in the past year, the sharpest increase since 1991. Although Americans are supposedly—in the words of the New York Times—“flush with cash and jobs,” they are also deeply unhappy with the state of the economy.

It’s no wonder Republicans are thrilled and are drawing a line between inflation, public anxiety about the economy, and Joe Biden’s presidency.

What is surprising is that President Biden himself is helping them by citing his administration’s achievement of putting more money into people’s pockets as part of the explanation for the current spike in inflation. In a November 10th speech, Biden said, “You all got checks for $1,400. You got checks for a whole range of things,” and with the patience of an academic teaching an Economics 101 class, he went…

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