Opinion: Don’t like inflation here? Try rest of world’s …
The inflation in prices all across the country, at 4% in June, is 100% more than the Federal Reserve’s target rate of 2%.So when the COVID and post-COVID economy exploded amid a worker shortage, higher wages, higher costs of goods, and we saw inflation as high as 8.2%, it was frightening.
The common wisdom is that American inflation, in the first problem period of it in 40 years, is a direct cause of the wild government overspending to stimulate the two COVID economies and of Bidenomics, the president’s big spending on federal infrastructure projects. And, across the pond, in economies that are the most similar to ours in the world, inflation is much higher than here. The Eurozone as a whole is at 6.1% — more than 100% higher than our own, Iceland is at 9.5%. Britain at 7.9% — no wonder I was paying 18 quid for fish and chips in the Highlands this summer. Sweden is at 9.7% and Norway at 6.7%. Turkey is at an untenable 39.6%.
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