Inflation Worsened by Pandemic Economic Policies

Policy-makers don’t talk about the trade-offs involved in stimulus policies.


any people have become aware of the sharp increase in many prices during the pandemic. Housing prices took off soon after the pandemic began, followed quickly by auto prices due to a shortage of semiconductor chips. By late 2020, many commodity prices were surging. Since then, price pressures have become widespread as a result of worsening backlogs in the global supply chain and labor shortages that are raising worker compensation. After first insisting that higher prices were a transitory phenomenon, Federal Reserve chairman Jerome Powell admits that “supply-side constraints have gotten worse. The risks are clearly now to longer and

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