How did today’s high inflation in the U.S. get started?
There is a debate among economists about the causes of the high inflation that defines Joe Biden’s presidency. On one side are President Biden’s economists, who claim their policies are not responsible. On the other side are economists whose arguments are supported by a growing mountain of evidence that says otherwise.
Economists at the Federal Reserve Bank of San Francisco recently published an economic letter confirming the amount of inflation unleashed in the U.S. economy is unique. Here’s the central figure from the letter, which illustrates how different U.S. consumer price index (CPI) has been
