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To the editor,
This letter is in response to Patrick Buchanan's editorial that appeared in The Sentinel on Tuesday, Oct. 4. In it, he claims that President Biden and the Democrats in the House and Senate have "run up inflation, that cancer of America's currency to 8%."
While government spending may be partially to blame for inflation in the United States it is not the main cause. Below are facts that may surprise many readers and questions I'd love to see Pat Buchanan answer.
Last month's inflation rate in France was 5.9%, the United Kingdom 9.9%, Mexico 8.7%, Brazil 8.7%, Germany 7.9%, Italy 8.4%, Spain 10.5%, Singapore 7.5%, South Africa 7.6%, Australia 6.1%, Russia 14.3%, and India 7%. I could continue with the inflation rates from nearly all developed countries but I think you can see that inflation is a worldwide problem. Please note that several of these countries are energy producing countries including; Mexico, Brazil, Russia, the U.K., and Australia.
If spending in the United States by Biden and the Democrats caused inflation here, what accounts for the worldwide spike in inflation? If the cancelation of the Keystone pipeline caused energy prices to spike in the U.S., how did it cause energy prices in other energy producing countries to spike? Did a vote for Biden in 2020 really cause worldwide inflation? I don't think so.
Inflation is a worldwide problem caused by pent up demand and reduced production during the worldwide COVID pandemic. When demand exceeds supply a higher equilibrium price is always the result. We would have inflation in the United State regardless of who was in the White House.
Harry M. Geedey
Lewistown