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December 13, 2022
CBS News recently published an article featuring Jay Zagorsky, Clinical Associate Professor, discussing President Joe Biden’s plan on solving inflation.
President Biden was thrilled as he spoke to reporters after the Bureau of Labor Statistics reported a 7.1% rise in prices last month compared to 2021, the smallest year-over-year jump seen in months. Important categories like energy and food prices also experienced more-modest increases. Yet, when Biden claims things are getting better, experts questioned the validity of this statement.
Zagorsky compares inflation to a balloon, a 7.1% growth in size doesn’t mean the balloon is deflating, it means most prices are going up, the balloon is getting bigger. Biden expects prices to return to normal, or much closer to normal, by the end of next year, but economic experts agree he probably shouldn’t go there. The president’s release of oil from our strategic reserves has helped lower gas prices, and the curbs on prescription drug prices kicking in next month will help some people cope. But this round of inflation is complex and global, and the truth is the president’s control over what happens next is limited. Zagorsky states, “I believe that presidents get far too much credit when the economy’s doing well and far too much blame when the economy’s doing poorly”.
