Economy Top of Rural Minds Heading into Midterm Election

It’s time for your Southeast Regional Ag News. On the Ag Information Network, I’m Haylie Shipp.

Midterm elections are next week. Heading into the polls, the economy is on the mind of many in rural America. Jared Bernstein is on the White House Council of Economic Advisors. He says the issues facing the U.S. economy are also facing people around the globe…

“In fact, inflation is considerably higher in Europe than it is here. And I say that not because it means we can just sit on our hands, we've got to do everything we can to ease those prices. And I do think people should know that this is happening everywhere. Why is it happening everywhere? Well, one reason is because when the pandemic hit global supply chains, the trade routes that are so important to particularly many farmers in rural America to get their goods to market and out into international waters, they got completely jammed up.”

He says good news is that supply chains are becoming unsnarled but, especially for the rural pockets of the U.S., fuel prices and food inflation are hitting a nerve…

“Food inflation should fall very significantly this year. And that's certainly every forecast I've seen is pointing in that direction. But again, we can't sit on our hands. We have to do everything we can to help. I'm not crossing my fingers and hoping the forecasts are right, I'm advising the President, as is our team, to do all we can to help.” 

Again Jared Bernstein on the White House Council of Economic Advisors.