The Economy: Who is to Blame?
The truth behind who is to blame for inflation and how we can control the US economy.
Hey fam, Jax here! Let's talk about the economy—yep, the big word everyone throws around, but honestly, most of us don’t really dig into. We hear about it in the news, we feel it at the gas station and grocery store, but what even is the economy, and why is it always a huge topic around election time? Spoiler alert: It’s not just for adults and politicians; the economy affects every single one of us, even teens!
So let’s get into the basics of how it works, how one president’s policies can influence the next, why inflation has been so intense lately, and how the current administration is working on it.
First, What is the Economy?
The economy is basically a huge cycle: people work to earn money, they spend that money on things they need (like food, clothes, games—whatever), and businesses use that money to pay employees, invest, and keep the cycle going. But if there’s an imbalance—like too much money in the system or not enough goods to go around—prices go up, which is called inflation. Think of inflation as what happens when everyone’s trying to buy the latest sneaker but there’s only a limited amount available; the demand drives the price up. Now, imagine that but with everything you buy.
How One President’s Economy Impacts the Next
Here’s something a lot of people don’t realize: a president’s policies don’t just affect things while they’re in office—they can actually set the stage for the next president’s success or struggles. Think of it like this: if a student council president sets up a bunch of cool clubs with great funding, the next president will look good just by keeping those clubs running. But if the first president slashes all the funding, the new president will have to work extra hard just to bring things back to normal.
Take Obama’s second term, for example. After the 2008 recession (an economic crisis that hit everyone really hard), Obama’s administration put policies in place to rebuild jobs, lower unemployment, and grow the economy again. By the time he left office, things were on a good track. So when Trump took over, he inherited an economy that was already growing. This gave him a solid foundation, and he could focus on other goals.
But when the COVID-19 pandemic hit during Trump’s term, it completely threw the economy off balance again. Factories shut down, people lost jobs, and supply chains (how we get goods to stores) were disrupted, which pushed prices up. Now, Biden’s administration is dealing with the aftershocks, like inflation, which isn’t directly his fault but has become his problem to solve.
Why Inflation is High Now and What’s Being Done About It
So, if you’re wondering why everything feels so expensive right now, here’s the short version: the pandemic messed up a lot of things, and some global events—like the war in Ukraine—drove gas prices up. These things don’t just affect the U.S.; they’re global issues. But since they drive up the costs of stuff we buy here, we feel it personally.
To combat inflation, Biden’s administration has introduced policies aimed at easing the pressure. Here are a few:
The Inflation Reduction Act – This 2022 law focuses on reducing the government’s debt, which can help stabilize the economy and bring prices down. It also invests in clean energy, which could help reduce gas prices over time.
Lowering Prescription Drug Costs – One part of the act is letting Medicare negotiate drug prices, making healthcare more affordable. That might not sound like it affects everything, but when people don’t have to choose between medicine and other necessities, it eases the pressure on prices.
Strengthening Supply Chains – Biden has been working to improve supply chains by investing in American manufacturing. This helps ensure we’re less dependent on goods from overseas, which keeps things more stable when there are global issues.
How We Can Help Keep the Economy Strong
Policies are important, but so are the things we can do in our own communities. Supporting local businesses keeps money within our community, reducing our reliance on outside supply chains, which helps stabilize prices. We can also vote for leaders who prioritize a balanced economy with fair wages and affordable healthcare.
And voting—yeah, that matters a lot. Every election shapes the economy in some way. Remember, some states even have same-day registration, so if you’re not registered yet, it’s not too late.
Why Your Vote Counts
The economy isn’t just about today; it’s about building a stable foundation for tomorrow. When we vote, we have a say in how our country tackles big challenges like inflation, healthcare, and climate change—all things that affect the prices we pay. So let’s get out there, make informed choices, and keep the cycle going in a way that works for everyone.
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So, remember, we’ve got power here. Let’s stay informed, stay active, and keep this economy working for everyone.