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This week’s R&D covers inflation in the U.S. economy. The Bureau of Labor Statistics (BLS) reported this week that consumer prices rose by 6.2% in October and inflation is standing at its fastest increase since 1991. Shortages of consumer goods due to supply chain issues, all of which exacerbated by the COVID-19 pandemic, are making the problem worse and are wiping out some recent wage gains made by American workers. The inflation issue is also becoming a political problem for President Joe Biden, who is seeing his approval ratings crash near the end of his first year in office.
The stock market is soaring. Company and household bottom lines look strong. Yet corporate executives across the U.S. are obsessing over inflation — and some think the White House isn’t grasping the extent of the problem.https://t.co/arDenKCvub
— POLITICO (@politico) November 10, 2021
U.S. inflation rose at the fastest pace in three decades in October. These charts show how prices increased more in some parts of the country than in others. https://t.co/yltFUkAzT7
— The Wall Street Journal (@WSJ) November 11, 2021
With the @federalreserve confronting many hard questions, from inflation to climate change, the current chair, Jerome Powell, is decidedly not the man for the moment, @JosephEStiglitz contends. https://t.co/VyQFwjTBN9 pic.twitter.com/wfMwa1pq8v
— Project Syndicate (@ProSyn) November 10, 2021