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Income rose more than inflation | Letters to the Editor

It was the construction of the XL pipeline that was stopped, not its operation. Only 90 miles of it were built. The rest doesn’t exist, so stop complaining about it.

Ten thousand oil leases currently in effect, and no one is drilling for oil. We had plenty of it before the pandemic, but when demand fell, production was cut, and now US oil companies are refusing to restore production to its previous level. Instead, they are spending their profits – $70 billion last year – to buy back shares of their own companies. Why would they increase production when the price of a barrel has doubled?

Inflation is the result of reduced supply, and the president had no influence on supply except to stop buying from Russia, but that’s a tiny part of the problem. Automobiles are in short supply because manufacturers cannot obtain the computer chips they need. Well duh, they are made in China. What were you waiting for? Many cars and trucks available are also made in China. Buick sells more cars in China than in the United States

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About Inflation: According to the Federal Bureau of Statistics, prices have risen 883% since 1960. That’s inflation. But wait, there’s more. Per capita income has risen from about $2,500 in 1960 to just under $60,000 in 2021, an increase of about 2,500%. Thus, over the past 61 years, incomes have increased three times more than prices. Seen from this angle, inflation does not look so bad. It is even possible that in the long term, inflation is good for the economy.

William Collins

Inverness