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What we are seeing instead is very strong growth, fueled by private and public demand, hitting supply constraints, and leading to some sharp price increases.вЂќ It wonвЂ™t last вЂњWe are not seeing anything like stagnation. вЂњThe use of вЂstagflationвЂ™ is wrong,вЂќ Olivier Blanchard, a former chief economist at the International Monetary Fund, wrote last week. If anything, some observers have made the situation seem more complicated than it is, suggesting that the economy is suffering from a mysterious ailment, like 1970s-style вЂњstagflationвЂќ (a mix of stagnation and inflation). This chart - based on data compiled by Jason Furman, a Harvard economics professor - shows the recent rise in consumer spending across high-income countries: In other countries, consumers also have pent-up demand, and governments have enacted large pandemic stimulus programs. вЂњDemand is off the charts,вЂќ as Pete Buttigieg, the transportation secretary, said on CNN yesterday.ДЄmericans arenвЂ™t the only ones buying more goods, either. ThatвЂ™s a larger increase than over the previous seven years combined. has risen 14 percent over the past two years, according to Commerce Department data released Friday. The surge in goods purchases has been remarkable: Inflation-adjusted retail spending across the U.S.

Many services - like restaurant meals, movies and vacations - are still affected by Covid. In recent months, they have started buying again, especially physical goods. Not only do Americans have more money than they did in 2020 or 2019, but many also spent the past two years delaying some purchases. The economic dynamics behind rising inflation and the supply-chain problems are fairly straightforward: ItвЂ™s a case of demand exceeding supply. If youвЂ™re trying to figure out why the country is struggling with some new economic problems - including labor shortages, rising inflation and supply-chain problems like backups at ports - the cash glut is a big part of the explanation. And the federal government, across both the Trump and Biden administrations, has pumped trillions of dollars into the economy, much of it through checks sent directly to people.Д«ut the glut of cash has also created complications. The S&P 500 is more than 30 percent higher than it was before the pandemic. The value of homes - the largest asset for most families - has continued rising. Today, the unemployment rate has fallen back below 5 percent. Instead, the pandemic caused a sharp, brief recession. But it has not damaged credit markets or household balance sheets, as the housing bubble of the early 2000s did. Covid-19 has caused a horrible amount of death and illness and interrupted the daily rhythms of life.

How could that be? A pandemic is not a financial crisis. Even amid a global pandemic, most American households are doing better financially than they were in 2019. Surprisingly, however, the past two years have been one of those exceptions. With only brief exceptions, the incomes of most middle-class and working-class American families have grown frustratingly slowly - trailing well behind economic growth - since the late 1970s. Sluggish income growth has been a defining economic problem of recent decades.

Tiny house hunting s 3 e 3 tiny philadelphia homecoming