From WSJopinion: The potential short-term effects of Build Back Better on inflation are dwarfed by the good it would do, writes jasonfurman
The current spike in inflation is no accident. It's the result of reckless policies that squeeze the supply of goods and services—notably energy. Images: Reuters/AFP/Getty Images Composite: Mark KellyThe U.S. economy faces multiple challenges. The recovery has been more rapid than expected but now there’s an acute inflation problem.
The current inflation has many causes, including a post-pandemic reallocation of labor, a spending shift from services to goods, lingering supply-chain disruptions, and rising global oil and gas prices. These international factors don’t tell the whole story. Inflation in the U.S. was similar to what the euro area experienced going into the pandemic, but prices have risen a cumulative 4% more in the U.S. over the past two years.
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