On the heels of a prediction from a grocery chain chief that food prices could be 14% higher within just months – because of inflation under Joe Biden – an expert is reminding Americans to remember just who is at fault.
Brad Polumbo wrote, for the Foundation for Economic Education, in a posting at the Liberty Loft, “When we hear terms like ‘Consumer Price Index’ or ‘expansionary monetary policy,’ the conversation surrounding inflation quickly becomes inaccessible for many people, whose eyes understandably glaze over amid discussion of the abstract-seeming phenomenon.”
But, he explained, “at its core, price inflation is simply a question of our purchasing power being eroded. Because what really matters is not the number on our paychecks, it’s what that number can buy us. So, Americans should react to a 6 percent rise in consumer prices just as vociferously as they would react to having their salary cut. It’s essentially the same thing.”
“And, as we’ve previously explained here at FEE, consumer price inflation can ultimately be traced back to the policy decisions made by the federal government. So, don’t let them off the hook when your grocery bills start to spiral upwards. Remember whose fault it really is.”
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