We need to talk about the real reason behind US inflation
我們得談談美國通脹背后真正的原因
On Wednesday, the US labor department announced that the consumer price index — a basket of products ranging from gasoline to groceries — rose 6.2% from a year ago. That's the nation's highest annual inflation rate since November 1990.
周三聚蝶，美國勞工部宣布，國內(nèi)消費者物價指數(shù)（CPI）——反映從汽油到食品雜貨等一攬子商品（價格變動水平的指標）——較去年同期增長 6.2%朵纷。這是美國自 1990 年 11 月以來達到的最高年通脹率。
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A major reason for price rises is supply bottlenecks, as Jerome Powell, chair of the Federal Reserve, has pointed out. But there's a deeper structural reason for inflation: the economic concentration of the American economy in the hands of a relative few corporate giants with the power to raise prices. Viewed this way, the underlying problem isn't inflation per se. It's lack of competition.
美聯(lián)儲主席杰羅姆·鮑威爾指出，“物價上漲的一個主要原因是供給瓶頸。”然而怔揩，美國通脹的一個更深層次的結(jié)構(gòu)性原因是：美國經(jīng)濟集中在相對少數(shù)的企業(yè)巨頭手中捉邢，它們能夠提高商品價格脯丝。從這個角度來看，美國經(jīng)濟的根本問題并非通貨膨脹本身伏伐，而是市場缺乏競爭宠进。
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In April, Procter & Gamble announced it would start charging more for consumer staples ranging from diapers to toilet paper, citing "rising costs for raw materials". But P&G is making huge profits. In the quarter ending 30 September, it reported a whopping 24.7% profit margin.
四月份，寶潔公司宣布將開始對尿不濕藐翎、衛(wèi)生紙等一系列主要消費品收取更多費用材蹬，原因是“原料成本上漲”。但是吝镣，寶潔公司仍在賺取巨額利潤堤器。截至 9 月 30 日（第三）季度結(jié)束，該公司財務報告顯示其利潤率高達 24.7%末贾。
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You can see a similar pattern in energy prices. Since the 1980s, when the US government all but abandoned antitrust enforcement, two-thirds of all American industries have become more concentrated.
你能在能源價格上看到類似的模式闸溃。自 20 世紀 80 年代美國政府幾乎放棄執(zhí)行反壟斷政策以來，美國三分之二的產(chǎn)業(yè)變得更為集中化拱撵。
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So what's the appropriate response to the latest round of inflation? The Federal Reserve has signaled it won't raise interest rates for the time being. Meanwhile, Biden administration officials have been consulting with the oil industry in an effort to stem rising gas prices.
那么辉川，針對最新一輪的通脹，合適的解決措施應是什么拴测？美聯(lián)儲放出信號表示乓旗，暫時將不會提高利率。同時集索，拜登政府官員一直在與石油產(chǎn)業(yè)協(xié)商屿愚，希望能遏制石油價格的上漲汇跨。
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But none of this responds to the deeper structural issue. This structural problem is amenable to only one thing: the aggressive use of antitrust law.
但這些都無法解決更深層次的結(jié)構(gòu)性問題。這一結(jié)構(gòu)性問題只能通過一種方式來解決：積極執(zhí)行反壟斷法渺鹦。
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主編：Felicity扰法、啾笛
品控：Felicity、迎迎
審核：樂崽
重點詞匯
inflation
/?n?fle?.??n/
n. 通貨膨脹
相關(guān)詞匯：inflate（v. 使充氣毅厚，膨脹塞颁；吹噓，吹捧吸耿；（使）漲價）
例句：The film was grossly inflated by the media.
例句：The achievement has further inflated his self-confidence.
例句：Hotels often inflate prices in peak tourist season.
文化補充：通貨膨脹是一定時間內(nèi)一般物價水平的持續(xù)上漲現(xiàn)象祠锣。
bottleneck
/?bɑ?.t??l.nek/
n. 瓶頸，障礙
相關(guān)詞匯：bottle（n. 瓶子）
相關(guān)詞匯：neck（n. 脖子咽安，頸部）
例句：The app has hit a technological bottleneck.
giant
/?d?a?.?nt/
n. 商業(yè)巨頭伴网；（希臘神話中殘酷而愚蠢的）巨人
underlying
/??n.d??la?.??/
adj. 底層的，潛藏的妆棒，根本的
相關(guān)詞匯：underlie（v. 構(gòu)成……的基礎(chǔ)澡腾，作為……的原因）
相關(guān)詞匯：lie（v. 躺下）
相關(guān)詞匯：under（prep. 在……下面）
英文釋義：to be the basis or cause of something
例句：The safety of students underlies all our decision.
例句：We need to figure out the underlying cause of this problem.
per se
/?p?? ?se?/
adv. 本身，自身
英文釋義：by or of itself
例句：The job, per se, isn't interesting, but it pays well.
staple
/?ste?.p?l/
n. 主要商品
英文釋義： a main item of trade
例句：Most stores were low on staples such as bread and milk because of the storm.
詞性拓展：staple（adj. 主要的糕珊，基本的动分；重要的）
搭配短語：staple foods（主食）
例句：White T-shirts are a staple part of everyone's wardrobe.
diaper
/?da?.p?/
n. 尿不濕
cite
/sa?t/
v. 提及以作為原因）；引用红选，援引
例句：She cited words of Virginia Woolf in her article.（引用）
英文釋義：to mention something as a reason
例句：She cited her heavy workload as a reason for her poor health.（提及以作為原因）
whopping
/?wɑ?.p??/
adj. 巨大的澜公，龐大的
搭配短語：a whopping lie
搭配短語：a whopping loss
all but
幾乎……，差不多……
英文釋義：almost completely
例句：She all but fainted when she heard the news.
例句：The office was all but empty.
相關(guān)表達：anything but（根本不……）
英文釋義：not at all
例句：She looked anything but happy.
antitrust
/??n.t?i?tr?st/
adj. 反托拉斯的喇肋，反壟斷的
詞根詞綴：anti-（反對……的）
相關(guān)詞匯：trust（n. 壟斷組織坟乾，托拉斯；信任）
enforcement
/?n?f??rs.m?nt/
n. 實施蝶防，執(zhí)行
相關(guān)詞匯：enforce（v. 執(zhí)行甚侣，實施）
搭配短語：to enforce a law / policy
for the time being
暫時，眼下
英文釋義：for the present
stem
/stem/
v. 阻止间学，遏制殷费；起源于……，根源是……
例句：Most of her health problems stem from a car accident she had before.（根源是……）
英文釋義：to stop something from happening
例句：We must take action to stem the tide of resignation.（遏制）
amenable
/??mi?.n?.b?l/, /??me?.n?.b?l/
adj. 可以用某種方法處理的
英文釋義：suitable for a particular type of treatment
例句：Such diseases may be amenable to operations.
例句：This case is not amenable to ordinary rules.
aggressive
/??ɡres.?v/
adj. 積極的菱鸥；好斗的宗兼，攻擊性的；闖勁的氮采，積極進取的
例句：You have to be aggressive if you want to succeed in this business.
例句：The disease requires aggressive treatment such as surgery.
