So, how is the economy?

The United States got some fortunate news about the economy as the recession of 2022. But how strong is the overall economic picture? How bad is inflation compared to other countries? What’s to blame for it? And what might the coming years look like for our businesses?

“Gross domestic product rose 2.6 percent in the third quarter versus the estimate of 2.3 percent,” wrote Jeff Cox from CNBC at the end of October. This was reported by the Bureau of Economic Analysis, covering July to September of 2022.

In fact, the graph from the Federal Reserve Economic Data showed growth from 2021 greatly exceeded that of 2018 and 2019, while the historic 30 percent decline in 2020 left America in a big hole. Luckily, the post-pandemic recovery helped regain those losses from 2020.

The good news boosted the numbers from Wall Street for that time. The weekly jobless claim was up 217,000, but still below the 220,000 estimate.

So, the economy has recovered from the recession; NBER didn’t declare the first six months of 2022 a recession, but that’s their usual definition, so I’m using it. And the jobs lost from the economy in 2020 are all back.

That leaves inflation, which at 8.3

JOHN TURES Columnist

percent is higher than usual.

So, what’s causing inflation? If Republicans are right, then America should have a much higher inflation rate than other countries. If Democrats are right, and it has to do with supply chain issues related to the persistence of the pandemic, then other countries can expect to also have higher inflation rates. I analyze Inflation Data to see.

Clearly America isn’t like other failed states like Sudan, Venezuela and Lebanon, whose inflation rates exceed 200 percent. But Turkey (in some first world organizations) faces 69.97 percent and Argentina, one of the leading South American economies, is suffering under 58 percent inflation. Those who fawn over Vladimir Putin would do well to know that Russia’s inflation is 17.8 percent.

Nearly 20 European countries have double-digit inflation. In fact, the European Union average is 8.1 percent, just barely below America’s inflation level, and the United Kingdom’s inflation is running at 9 percent after years of British

Conservative Party leadership. Now some countries are fortunate to have lower inflation rates, including Italy (6 percent), Norway (5.4 percent), France (4 percent), and Switzerland (2.5 percent). Some tiny countries like Liechtenstein, Faroe Islands and Malta also make the list.

What the evidence shows is that no, Joe Biden has not single-handed jacked up inflation in America, or in the world for that matter. America’s economy is impressive but not strong enough to affect the monetary and fiscal policies of nearly 200 countries. Given how many other first world countries are experiencing the same thing as the U.S., the supply chain explanation is the superior one to “It’s all Biden’s fault.”

And it’s important to note that Japan’s and the Swiss’ lower inflation rates is what’s being pursued by the Federal Reserve, though pushing down inflation too fast could risk another recession. It’s an important factor to keep in mind as America determines the next steps in recovering from the devastating economic downturn of 2020.

John A. Tures is a professor of political science at LaGrange College in LaGrange, Georgia. His views are his own. He can be reached at jtures@lagrange.edu. His Twitter account is JohnTures2.

Sacrifice is a big part of serving in the United States military. Active duty personnel spend significant time away from their families, and many who have served overseas return home with injuries that affect both their physical and mental well-being. As the nation commemorates Veterans Day, individuals and organizations can take steps to honor the sacrifices millions of veterans have made on behalf of their families, friends and neighbors who call the United States home.

• Encourage a veteran to share his or her story. This can

Individuals who ask veterans to share their story also benefit, gaining valuable insight into what is required to protect their freedoms.

• Work with We Honor Veterans. We Honor Veterans is a program sponsored by the National Hospice and Palliative Care Organization that is designed to help organizations serve veterans in their communities. The program aims is to provide the highest quality of care to military veterans. Organizations can learn more at www.wehonorveterans.org.

• Support veterans events in your community.

Veterans Day parades are a fun and simple way to show support for the veterans in your community.

Additional events that are not affiliated with Veterans Day also provide great opportunities to reassure veterans that their efforts and sacrifices are appreciated.

Veterans Day is a great time to honor the brave men and women who have served in the military.

Veterans

Differing while

Veterans Day occurs each year on November 11, marking the end of World War I. The day has evolved into a celebration and remembrance of the heroism of America’s brave soldiers.

Americans celebrate Veterans Day,

A United States Veteran is a man or woman who has served the USA in military service with the Armed Forces. Every year on November 11, we honor these brave men and women. Unlike Memorial Day, which is a holiday to honor soldiers who have died in service or battle, it celebrates all military personnel, both retired and active. Veterans Day was originally called Armistice Day and was the celebration of the end of World War I. Before the war officially ended with the Treaty of Versailles on June 28, 1919, all combat ended with a ceasefire on November 11, 1918, at 11:00 am. This armistice between the Allied troops and Germany became known as the eleventh hour of the eleventh day of the eleventh month and is the basis for the Veterans Day that we now observe. In 1926, it was made an official legal holiday, and on November 8, 1954, the holiday was officially changed to Veterans Day honoring all Veterans. Similar celebrations honoring the end of World War I are still held in other Countries, such as Remembrance Day, Armistice Day, and Remembrance Sunday. On this day, take the time to thank someone who has served our Country.