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The worldwide pandemic’s lockdowns caused diminished supplies of many goods and services. Many businesses and jobs could not survive, causing rising prices and fears of a major recession. Trying to prevent a recession, adults received $1,200 checks and children got $500. Small businesses received Paycheck Protection Program loans that were often forgiven. Social Security benefits went up.
As suppliers were struggling to ramp production back up, energy costs kept rising, with supply chain issues along routes and ports. Meanwhile, our continuing demand kept bidding up the prices for goods.
However, a major recession with massive unemployment was successfully prevented. We now have low unemployment, a soaring stock market and inflation is down to 2%. Because wages have also been rising, higher prices may soon be a small price to pay. And there’s hope: My favorite bag of rice is back down to $9 from $15!
Stanton Lum
Manoa
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