Economic conditions are either in recession or inflation. Recent history has shown that it is usually a matter of degree. This is because prices seem to rise regardless of what so-called experts say. Inflation is a phenomenon that has been evident for the last few months. Prices have risen in almost every aspect of our lives.
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Prices for homes and cars are rising. Prices for building materials, groceries, and other necessities are all higher! It is important to keep in mind that we have just gone through one of the most severe pandemics in American history. This included: business closures, quarantines, supply chain disruptions/ challenges, etc. And, no one knows what the future might hold. This period is going to present a challenge/ obstacle that will be more long-term or short-term. This article will briefly review, analyze, discuss and discuss the possible causes, perceptions and concerns as well as strategies and actions that can be taken to move forward.
1.These are the causes:In other words, inflation is a prolonged period of rising prices across the entire economic spectrum. Although the exact cause of inflation varies, most people will recall that there have been several periods of high inflation, along with periods of stable economic conditions/ prices/ pricing. What does the pandemic have to do with what we are experiencing now, and what other factors might be contributing? Many components of our economy are affected by concerns such as unemployment, business closures/ challenges and government subsidies.
2.PerceptionsThe perceptions of our citizens have a major impact on the economy. Consumer confidence is greater, which means that people spend more freely and across the board. If it’s not, overall economic conditions slow down!
3.Beware:Inflationary conditions are a concern because of our fear of losing ground to an ever-increasing cost of living. Will people continue to be willing to pay the massive increase in house prices? How long will interest rates remain at their historic lows? What will happen to the economy if food, gasoline and other items become more expensive and wages/ salaries stop keeping up with this pace?
4.StrategiesPolitically, this nation is divided! Never before have we seen the level of partisanship that exists today. What should the government subsidize? What should the goals/priorities be and how long should they last? What is too much and what is too little? The greatest potential difference may be the inability of elected officials to see the larger picture in a meaningful, sustainable way.
5.Take ActionThe strategies and actions of those in leadership positions can have a significant impact on the outcome and consequences of inflationary periods.
America, wake up! Recognize the potential effects of inflation in both the shorter and longer periods. Will you insist on responsible action or just accept the same old, same old excuses?
Richard was a founder of businesses, a CEO, director of development, COO and CEO. He has also managed events professionally, consulted thousands of leaders, led personal development seminars and worked on political campaigns for over 40 years.