Let history be our guide
All five letters published Sept. 23 critical of a previous writer (Kathy Timbrook on Sept. 21) who had blamed socialist policies, which she claimed were being initiated in the Biden administration, for the soaring cost of products, to wit, a $4.29 box of saltines and other items.
Those writers who disparaged the initial “saltine” writer blamed Republicans and greedy capitalists for the increase in a box of saltines, and three of the five said they purchased a $1.29 box of saltines to “prove” (my word) their theory.
What typically determines prices in foodstuffs and other hard commodities in an economic capitalist system are market forces, one of those being energy costs, which began skyrocketing only after we lost our energy independence with the cancellation of the XL pipeline and began, once again, having to rely on OPEC countries. Also, when the dollar value rises, it requires fewer dollars to purchase goods and subsequently, services.
It follows that as unemployment levels are high, even though employers have unsustainable levels of unfilled openings, fewer goods are being produced and costing way more than they should due to the federal government pumping trillions of dollars into the economy and devaluing our currency.
High unemployment plus high inflation equals stagflation.
Although the Weimar Republic kept the price of a box of saltines low as long as they were able, saltines eventually could only be purchased (when and if they could be found) with a wheelbarrow full of cash.
I get it.
The battle rages on between competing economic theories, but at some point an honest review of historical outcomes should come into play.
Jim Viney, Canal Winchester