Quote:
Originally Posted by Stu from NYC
You did not quote me but apparently you are directing your response to me.
Just because I understand the forces behind the oil business and our economy does not mean that I am ok with this self induced inflation.
I am as unhappy as anyone else but understand the culprit behind this.
The inflation was caused by our govt and world economics.
The Fed took way to long to start to cool the economy by raising interest rates. The govt paid too much money to people not earning as much as others and people got used to being one parent breadwinner so labor force participation is way down and the resulting shortage of workers caused wages to increase substantially.
Further our govt in its infinite wisdom decided oil was bad and promoted electric vehicles and discouraged expanding oil production which was decreased during covid.
As a result of all this we are all paying more for the products we use every day.
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Today's inflation has a lot to do with factors that NO ONE in the US had ANY control over - namely the Russian invasion of the Ukraine and China's bad Covid response which shut down its economy and stopped their manufactured goods from being sent to the US - thus hurting the SUPPLY of manufactured products, which drove those prices up.
........The closest thing to US blame is that the FED should have reacted faster. But, historically, the FED has NOT gotten its TIMING PERFECT.