Who wouldn’t want to fire up a time machine and return to the days before the economy rocketed out of the pandemic recession and sent prices soaring?
But those incremental improvements are hardly enough to please the public, whose discontent over prices poses a risk to President Joe Biden’s re-election bid.
“Although lower prices may seem like a good thing,’’ Banco de España, the Spanish central bank, says on its website, “deflation can in fact be highly damaging to the economy.’’
If food or gasoline prices were to tumble, households would surely find it less painful to afford groceries or their commutes to work — as long as they remained employed.
But the exception was a doozy: From 1929-1933, U.S. economic output plummeted by a third, prices sank by a quarter and the unemployment rate shot up from 3% to a crushing 25%.
Those collapsing assets, in turn, can topple banks that hold crumbling investments or that made loans to struggling real estate developers and homebuyers.
The original article contains 877 words, the summary contains 166 words. Saved 81%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Who wouldn’t want to fire up a time machine and return to the days before the economy rocketed out of the pandemic recession and sent prices soaring?
But those incremental improvements are hardly enough to please the public, whose discontent over prices poses a risk to President Joe Biden’s re-election bid.
“Although lower prices may seem like a good thing,’’ Banco de España, the Spanish central bank, says on its website, “deflation can in fact be highly damaging to the economy.’’
If food or gasoline prices were to tumble, households would surely find it less painful to afford groceries or their commutes to work — as long as they remained employed.
But the exception was a doozy: From 1929-1933, U.S. economic output plummeted by a third, prices sank by a quarter and the unemployment rate shot up from 3% to a crushing 25%.
Those collapsing assets, in turn, can topple banks that hold crumbling investments or that made loans to struggling real estate developers and homebuyers.
The original article contains 877 words, the summary contains 166 words. Saved 81%. I’m a bot and I’m open source!