Spectrum News: Inflation numbers increase in latest report
UC professor says housing prices, government spending have contributed
A lack of affordable housing and government spending have contributed to a rise in consumer inflation, a University of Cincinnati economics professor told Spectrum News.
Michael Jones, PhD, assistant professor of economics
Consumers prices increased 3.5% over last year, which is a 0.4% increase from February.
A lack of affordable housing and high gasoline prices are two of the largest contributors to inflation. Michael Jones, PhD, assistant professor of economics in the University of Cincinnati's Carl H. Lindner College of Business, said President Joe Biden's push for student loan forgiveness also has played a role.
“This week, President Biden announced an additional student loan forgiveness program,” Jones said. “Again, that’s hundreds of billions of dollars that won’t be paid for, and he’s continuing to push personal loan forgiveness while inflation rates are still high. There’s several things that can be done to bring inflation down, but I think in this election year, it’s pretty unlikely that we’ll see any of those contribute to bringing inflation under control.”
Featured image at top: Carl H. Lindner College of Business. Photo/Andrew Higley/UC Marketing + Brand
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