Both China and USA have 50% increase in gas price from 2019 to 2022. Food prices hasn't change much since Russian invasion or pandemic in China (can someone verify this?) Food prices/housing/goods spiked in USA which is likely caused by inflation. There's areas in China where you can bulk buy everything in China but ALL those buildings(buildings that are miles long) are shut off for foreigners, so that has a serious impact on supply.
So Russian war has spiked gas prices all over the world? Wouldn't inflation plus the War cause an even bigger spike in USA? But based off the numbers, only the War impacted gas price in USA.
Also, in the past century, there's been inflation of 8%+, sometimes even 12% for 8 months to a year and economy did fine and it seems because the government was able to adjust minimum wage to help workers out. In our current case in USA, increasing minimum wage to 12 to 15$ USA causes 2 problems, although it does help the economy. Tax brackets are not updated so inflation plus increased wage, we still end up being worse than before as we get taxed more. Second, this causes middle class to disappear, unless they also got a big % increase.
There's states/companies that hasn't increased their minimum pay/wage at all.
This post was edited by Tarisus on Jun 5 2022 01:41am