In the latest Last Week Tonight episode, though, John Oliver explains how the whole thing is more complicated than that.
“Two things are likely true here: The government stimulus did contribute towards inflation, but it was also a necessary intervention,” says Oliver, citing analysis that “the economy would have come close to suffering a double-digit recession in the Spring of 2021” without the rescue plan.
Oliver then goes on to break down the various factors contributing towards problem, before ultimately explaining that it’s not just due to any one thing in isolation.
“Rising prices are due to a ton of factors: A pandemic, a stimulus, changed spending patterns, supply chain issues, the war in Ukraine, to name just a few,” he says. “And anyone loudly saying that one thing is the cause of inflation is either lying or has absolutely no idea what they’re talking about.”
Come for the economics lesson, stay for the three giant frog statues that play a key role in teaching it.