No. of Recommendations: 2
https://www.nytimes.com/2022/07/26/briefing/inflat...Just a contribution to the debate from a journalist. May be behind a pay wall.
The basic gist is that inflation isn't Biden's fault. Since Jan of 2021 it has been a global problem (except for Japan, per the graph they provided). But each region had some specific issues. In the US, it was demand. In Europe it was supply. Etc.
Not that this will account for the spin that is inevitable in political campaigns. So it still may not be a good campaign issue for Biden, even if it wasn't his fault.
In the U.S., demand has played a bigger role in inflation than it has elsewhere. That is likely a result of not just the American Rescue Plan but also economic relief measures enacted by Donald Trump. Altogether, the U.S. spent more to prevent economic catastrophe during the pandemic than most of the world did. That led to a stronger recovery, but also to greater inflation.
In Europe, supply has played a bigger role. The five-month-old war in Ukraine was a more direct shock to Europe than it was to the rest of the world, because it pushed the continent to try to end its reliance on Russian oil and gas. That prompted Europe’s recent jump in inflation.
