11 reactions
Here is my submission for
1. Share one example from your daily life where inflation has affected you
(such as petrol, vegetables, milk, or transport).
The increased cost of petrol/gasoline is most noticeable for me because I travel a lot by car. Strangely, my grocery bill has not increased. If anything, prices went up, came down and have remained stable… I also tend to shop for items on special offer.
2. In your opinion, who is most affected by this situation?
(poor, middle class, or business community?)
IMHO, the “working poor” are most affected. Price increases account for a greater percentage of the income of those just below or above the poverty line. Businesses reliant upon consumption of petrol to deliver goods, e.g. freight, or services, e.g. taxis, are also hit hard by higher petrol prices. Typically, the middle class absorbs fluctuations in the cost of living.
3. If you were in the government, what solution would you suggest for this problem?
If I were serving in the US government, I would draw, initially, on the Strategic Petroleum Reserve (SPR), an emergency stockpile of petroleum maintained by the United States Department of Energy (DOE) and increase domestic production. Other policy tools might include price control, with subsidies to cap the rate of price increases. The hope is that such measures would only be short-term and that global oil supplies and prices might return to the pre-war status quo.
I tag
#earn #WarImpactReality
1. Share one example from your daily life where inflation has affected you
(such as petrol, vegetables, milk, or transport).
The increased cost of petrol/gasoline is most noticeable for me because I travel a lot by car. Strangely, my grocery bill has not increased. If anything, prices went up, came down and have remained stable… I also tend to shop for items on special offer.
2. In your opinion, who is most affected by this situation?
(poor, middle class, or business community?)
IMHO, the “working poor” are most affected. Price increases account for a greater percentage of the income of those just below or above the poverty line. Businesses reliant upon consumption of petrol to deliver goods, e.g. freight, or services, e.g. taxis, are also hit hard by higher petrol prices. Typically, the middle class absorbs fluctuations in the cost of living.
3. If you were in the government, what solution would you suggest for this problem?
If I were serving in the US government, I would draw, initially, on the Strategic Petroleum Reserve (SPR), an emergency stockpile of petroleum maintained by the United States Department of Energy (DOE) and increase domestic production. Other policy tools might include price control, with subsidies to cap the rate of price increases. The hope is that such measures would only be short-term and that global oil supplies and prices might return to the pre-war status quo.
I tag
#earn #WarImpactReality
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