To the editor,
A few months ago, former US Treasury Secretary Larry Summers predicted an upcoming inflation onslaught and provided advice on how the US government could counter it. However, the Joe Biden-led government ignored him and now the chickens are back in the roost.
Ukraine, I believe it produces 40 percent of the world’s wheat. It is engaged in an ongoing war with Russia, a war I believe Ukraine cannot and cannot win. I think it will last for a long time.
According to experts, this has pushed gas and food prices north. The unemployment rate in the United States is about 3.5 percent. Most people are employed. But people are complaining because inflation has eaten up the dollar and hasn’t bought the previous ones.
We in the Bahamas are in a pinch.
Food prices are rising. So is the fuel cost.
I was at the Super Value Food Store a few days ago and some shelves were empty. This may be due to a stagnation in the supply chain and the inability of the ship to reach its destination and deliver the product.
If you listen to the opinions of experts and see what’s happening around the world, it’s hard to avoid hearing that a recession could occur in 2023.
This is not wishful thinking or pessimism. No, this prediction is based on what happened in the past, what is happening now, and what is expected in the future.
It’s under pressure and has been going on for the last decade, so it’s the last thing the middle class needs. This only adds more fuel to the fire that has already been ignited by gas.
The recession can be bad news for the newly elected Philip Brave Davis-led government as it is getting out of the COVID pandemic.
I wish Prime Minister Davis the success. But the facts are facts.
As he is the Minister of Finance, I would like to advise him to implement policies to counter the challenges posed by inflation and rising fuel costs. The middle class cannot be diluted any further.
If this dark cloud of war floats above Russia and Ukraine, we could be involved in a long stretched tavern rivalry.
Investors will begin to rethink their investment if inflation continues to cause headaches for Biden-led governments. They suspended the plan and reschedule the signing of the contract.
This is not wishful thinking. This is a fact. So now is the time to plan to counter the imminent turmoil in our economy.
From now on, the prime minister’s task is to look straight at him.
They include being able to curb inflation. Includes fuel costs to the extent of his government’s capabilities; reduce the burden on the middle class, maximize government capabilities and reduce food costs.
These challenges also include lifting small men and women. They don’t want much. They are the ones who put him in their seats. Let them feel sweet too.
From the bottom of my heart
— — Pat Strachan
https://thenassauguardian.com/feeling-the-pinch-of-inflation/ Feel the pinch of inflation – Nassau Guardian