美国国家公共电台 NPR--Inflation hit a new high last month. Here's how it's changing life in the U.S.

Inflation hit a new high last month. Here's how it's changing life in the U.S.

Transcript¹

NPR's Steve Inskeep speaks with William Spriggs, economist² for the AFL-CIO, about inflation, which hit 9.1% for the twelve months ending in June.

STEVE INSKEEP, HOST:

You know how you're not supposed to be driving with things in your hands, you're supposed to be driving hands free? You're not supposed to juggle³ your phone at the same time because it's unsafe to do two things at once. The Federal Reserve is assigned to do two things at once, hold down inflation and hold up employment. That double mission is hard because attacking inflation can hurt the economy. And it's relevant just now because inflation is up. Anything from eggs to men's suits to health insurance can cost more. So how can the Fed bring down inflation without also crashing the car? William Spriggs is chief economist for the AFL-CIO and a professor at Howard University. Welcome.

WILLIAM SPRIGGS: Thank you for having me this morning.

INSKEEP: OK. So the Fed is raising interest rates and taking other steps. Are they attacking the cause of inflation, though?

SPRIGGS: No, they aren't. The cause continues to be the volatile⁴ area of food and energy. And this was the point the president was making yesterday in responding to the numbers, because, as we know, the price of gasoline at the pump has been falling in the last couple of weeks. That's not in these numbers. And that just shows how volatile the numbers can be in telling the story. The source of that price hike in energy and in food, of course, we know comes from the disruption from Russia and its invasion of Ukraine. Core inflation was up, those things that aren't food and energy, mostly in services. A lot of that had to do with airline fares, a huge jump in airline fares. So that we know is volatile.

And people have been hearing reports about the problems that airlines have been having in trying to recover back to their pre-pandemic level. They're getting people back on planes, but raising fares as a way to make sure they get their revenue back.

INSKEEP: Yeah, so a lot of different things are happening. Then the Fed raises interest rates. It's not directly attacking any of these problems. But can it help with inflation itself somehow?

SPRIGGS: No. It could, in fact, exacerbate⁵ the situation. We finally got the inflation problem for cars under control. But that has to do with the auto⁶ industry struggling to get chips. And so think about, if you tame inflation, if you try and keep people from buying cars, you make it harder for the auto industry to put in orders and get the chips. And of course, their supply chain was so fragile they needed to find new suppliers. That's going to increase their cost, but it'll make their industry more sustainable in terms of their supply chain. And we need industry to find more sustainable supply chains. We now know that it's too fragile. But you mentioned eggs, which were up a lot. But we know that we had a big problem from the bird flu, which the Fed cannot do anything about the bird flu.

INSKEEP: I feel I'm hearing you saying that it's possible the Fed will impose the pain of higher interest rates on people without getting any particular benefit of lower inflation out of it.

SPRIGGS: That's what I'm saying. Now, it has helped with home prices. It's not clear how it's going to help with rent and for people who aren't homeowners - that was one of the spikes⁷, in those who are paying rent - because we need a bigger supply of housing in order to address the rent crises. And higher interest rates make it more difficult, makes it more expensive to respond to a shortage of housing because it's more expensive to build the apartment buildings.

INSKEEP: What if Jerome Powell, the Fed chairman, called you up and said, OK, I heard you on NPR. You're complaining. You don't like my approach. What would you have me do? What would your answer be to him?

SPRIGGS: Right now, I think he needs to help the American people understand the source of inflation so that we have the political space to address it. We have to address the supply shortage. And that takes fiscal⁸ policy, the types of things that President Biden has been proposing. Firms still complain they would like more workers. But you have to provide child care so workers can come to work. But if you keep telling people the problem is demand, then you're not going to have the space for the government to say, OK, let's spend money and let's increase the supply.

The legislation to get more chip manufacturing here in the United States, which we understand needs to take place, that has stalled because people believe, well, if the government spends money to help more chip manufacturing, that's going to stoke inflation. He needs to help people understand the situation so that there's fiscal space to respond to it.

INSKEEP: In about 10 seconds, do you see a recession coming soon?

SPRIGGS: Oh, I hope not. The labor⁹ market looks very strong. But if the Fed continues to raise interest rates, it's going to stall those sensitive areas, like autos.

INSKEEP: Mr. Spriggs, thanks very much. It's always a pleasure.

SPRIGGS: Good to hear from you.

INSKEEP: William Spriggs is chief economist for the AFL-CIO.

1 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

2 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

3 juggle   

v.变戏法，纂改，欺骗，同时做；n.玩杂耍，纂改，花招

参考例句：

• If you juggle with your accounts,you'll get into trouble.你要是在帐目上做手脚，你可要遇到麻烦了。
• She had to juggle her job and her children.她得同时兼顾工作和孩子。

4 volatile   

adj.反复无常的，挥发性的，稍纵即逝的，脾气火爆的；n.挥发性物质

参考例句：

• With the markets being so volatile,investments are at great risk.由于市场那么变化不定，投资冒着很大的风险。
• His character was weak and volatile.他这个人意志薄弱，喜怒无常。

5 exacerbate   

v.恶化，增剧，激怒，使加剧

参考例句：

• WMO says a warming climate can exacerbate air pollution.世界气象组织说，气候变暖可能会加剧空气污染。
• In fact efforts will merely exacerbate the current problem.实际上努力只会加剧当前的问题。

6 auto   

n.(=automobile)(口语)汽车

参考例句：

• Don't park your auto here.别把你的汽车停在这儿。
• The auto industry has brought many people to Detroit.汽车工业把许多人吸引到了底特律。

7 spikes   

n.穗( spike的名词复数 )；跑鞋；（防滑）鞋钉；尖状物v.加烈酒于( spike的第三人称单数 )；偷偷地给某人的饮料加入（更多）酒精（ 或药物）；把尖状物钉入；打乱某人的计划

参考例句：

• a row of iron spikes on a wall 墙头的一排尖铁
• There is a row of spikes on top of the prison wall to prevent the prisoners escaping. 监狱墙头装有一排尖钉，以防犯人逃跑。 来自《简明英汉词典》

8 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

9 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。