From AEI:
The US economy is performing very well, and this can be easily seen by comparing its performance with other developed economies, all of which were hit by the same pandemic in 2020, followed by the same increase in inflation. Figure 1 below compares US cumulative inflation as of December 2020 (ie, inflation) with that of other advanced economies. (Data for all figures are presented in the appendix.) Apparently, and despite the accusations of Biden’s policies, there is nothing different about the recent inflation in the US. It reflects the same factors driving prices around the world—supply-chain disruptions, rising global commodity prices, an epidemic shift in consumption of services to goods, and financial stimulus.
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