The Daily The Perilous Politics of Rising Inflation
Nov 2, 2021
Jim Tankersley, a White House correspondent for The New York Times, dives deep into the current inflation crisis gripping the U.S. He discusses the driving forces behind the surge—supply chain disruptions, labor shortages, and rising demand. As prices soar, Tankersley highlights the strain on consumers, especially lower and middle-income families. The tense political atmosphere is explored, with midterm implications looming and the phrase 'Bidenflation' stirring debate among lawmakers, adding a complex layer to the economic narrative.
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Inflation Definition and Current Rate
- Inflation is the increase in prices for goods and services.
- Current inflation is the fastest seen in the 21st century, exceeding the Federal Reserve's target.
Factors Driving Current Inflation
- Pandemic aid, supply chain issues, and labor shortages drive inflation.
- Increased demand and geopolitical factors like oil prices contribute.
Consumer Impact of Inflation
- Consumers face longer wait times and increased prices for goods.
- Sabrina Tavernisi's seven-month wait for a bed exemplifies this issue.