To the editor:
Inflation is a pain. As a policy issue, correcting inflation without damage to the overall economy is challenging. Remember COVID shutdowns (disruption leading to diminished supplies, eg, toilet paper) and the stimulus checks approved by both political parties (much needed money in your pocket)? Too much demand chasing limited goods leads to price hikes which equals inflation. A pandemic and the response by both political parties created the conditions for inflation. The Federal Reserve (not a party or politicians) wrestles with the issue of balancing higher interest rates to slow inflation without killing economic activity leading to a recession. We all want to avoid the hardship of a recession. Inflation eats into one’s wallet. A recession empties many wallets. The nonpartisan Joint Economic Council of the US Congress in 2016 reported 10 of the 11 recessions since 1953 had Republican Administrations. Presently, the Bureau of Labor Statistics reports wage increases have begun to outpace the slowing inflation rate, thanks to current policies. Another economic conversation is our deficit. According to the US Treasury, the last administration to avoid deficit spending was a Democrat and the President with the greatest deficit in our history was a Republican. Concern about macro- economic issues should be part of our democratic conversation. Using the historical record when forming political decisions makes sense rather than listening to partisan rhetoric and unsubstantiated information. Inflation is a hardship. Hopefully, we are meeting the challenge of inflation without slipping into a life ruining recession.
Dean Manikas Maple City
