LETTER: President had nothing to do with high prices
In his Monday letter, Russell Boyd blames President Joe Biden for the high inflation rate. Many other countries have higher inflation rates than the United States. Does Mr. Boyd think that President Biden is also somehow in charge of their economies? Clearly, inflation is a worldwide phenomenon and increased mostly due to the pandemic shutdown, which started about March 2020, and was not due to who was in charge.
According to an internet search, for the first half of 2022, the United States had the highest inflation rate of any G-7 country. But in the most recent data, covering July 2023, that has reversed: The United States now has the lowest inflation of any G-7 country. To get food and gasoline prices down further is going to require that those industries forgo the high profits they have been enjoying as the world recovers from COVID.
