Rajshekhar Basu Sarkar
eSomethin Staff
Have you seen the outrageous increase in prices? I am sure that most high school students have seen an unprecedented increase of gas prices lately. Inflation is partly responsible for America’s economic woes. Inflation is the average increase of prices. Some economists think that inflation is the average increase of prices, others emphasize the expansion of the money supply in their definition.
So, what caused the recent inflation? Well, Perrysburg government teacher Joshua Spiegel believes that the recent inflation is caused by “government spending, the Federal Reserve and the war in Ukraine.”
He said that the doom and gloom rhetoric about inflation and how corporations are responsible for inflation isn’t based in reality.
Basu Sarkar’s Take:
Corporations were always greedy. Greed didn’t increase in the last two years, but government spending has. Congress has been spending more money than it collects in taxes. This allows the Treasury Department to print up enough money to cover the difference. So, what the government just transfers the money already that is in existence.
The U.S. government should stop spending like drunken sailors and stop printing money like crazy. We need to cut government spending and stop printing money because what we are doing is bankrupting our next generation with a lot of debt. Inflation is a complex subject that requires complex answers. We can’t have a one-size fits all approach to inflation. We can’t just keep spending and spending and not anticipating that would cause inflation to increase and lower the standard of living.
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