We are all feeling the pain. Inflation is making prices for everything rise, and everyone is affected, but the biggest problem is for those who were barely surviving in the first place. Perhaps most troubling, low-income people are finding it harder and harder to find healthy, affordable food. There are a lot of causes for inflation, and all of those causes need to be addressed. Like many, I wish Biden would do more to make it clear that he is feeling it with us, and that he is getting to the bottom of what is causing it.
But in the big picture, inflationary cycles happen. The root problem is too many people living on the edge in the first place, and an economy entirely dependent on a volatile commodity, the price of which America has little power to control.
It is very clear from polling, and just from talking to people, that economic problems are so bad that the American people’s attention is distracted from the January 6th hearings. This is very dangerous to American democracy. It is also, in many cases, understandable. America is now feeling the political effects of its growing inequality. With more and more people at the bottom focused on just getting by, short-term economic issues take precedence over problems that would otherwise be acknowledged as an existential crises.
Meanwhile, Washington isn’t paying too much attention to how we got here in the first place. A failure to invest in renewable energy and public transportation has come back to bite us now. This is the moment to make the case to move away from fossil fuels and toward a greener future, and learn from the mistakes that brought us to this point. Inflation is going to happen, and it shouldn’t be that everytime it does we have this many low-income people struggling this hard just to meet their basic transportation needs. Addressing underlying problems–the cost of housing, food insecurity, a minimum wage that isn’t a living wage, will make the economy stronger for the next crisis. If America continues on the path it is now taking, there will eventually be a crisis that will become impossible to manage effectively.
To a degree this inflationary cycle is a product of mistakes and poor planning on the part of the Fed, but in other ways it is a perfect storm of factors beyond America’s control. Such things will always happen eventually. If you want to keep a healthy democracy, you have to recognize this reality and make sure your economy is resilient enough to weather the storm. The fundamental weaknesses of the American economy: food insecurity, lack of access to childcare, working poverty, lack of access to preventative health care, lack of public transportation and dependence on fossil fuels; have now made American democracy weak as well. People focused on struggling to get by are ignoring the warning signs of a growing anti-democratic movement. A fundamentally unjust economy creates a fundamentally unsound democracy.