Opinion | Biden-McCarthy Memorial Day weekend surrender institutionalizes stagflation WashTimesOpEd
Cost-push inflation, aka supply-side inflation, results from shocks to an economic system like soaring energy and food prices. When you graph that out in an Econ 101 course, this looks like an inward shift of the economy’s supply curve, which reflects not just higher prices but also reduced production and growth. This is the very definition of stagflation.and the Democrats immediately declared war on America’s oil and gas production, thereby triggering a major energy price shock.
Today, a strange bedfellow combination of Saudi Arabia and Russia rather than the United States controls oil prices. With the Saudis needing $80 a barrel of oil to pay for social welfare programs, the pampered monarchs need to pacify their restive population, and Russia needing $100 a barrel of oil to pay for President Vladimir Putin’s war, oil prices have spiked far above those of the Trump years.
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