Expert says inflation has slowed, but other factors pushing up prices
Press Release, Bob Golden of Community Coalition for Justice
ALBION – Candidates across the nation are highlighting inflation as a current problem. Patrick A. Golden, who was most recently principal analyst on Consumer Affairs and Protection for the NYS Assembly and Counsel, doesn’t agree.
Patrick Golden
“Inflation has decreased significantly over the last couple of years from over 9% to around 2.5%,” Golden said during a presentation last week at Hoag Library. “With inflation approaching the Federal Reserve Board’s target rate of 2% per year, the board recently lowered the federal funds rate to 4.75-5%, which is down from 5.25-5.5%, where it had been since early 2024 after a series of rate increases in 2022 and 2023, and is expected to lower it further within the next few months.”
“As a means of stabilizing dramatically changing prices the board historically increases the rate in times of high inflation and decreases the rate when it is low and risks of high inflation have diminished,” he said.
About 30 people gathered at the Hoag Tuesday night to hear Golden, a Kendall graduate. Among them were a local grower and two adult children of major Orleans farm families and a former chairman of Orleans Legislature and other office holders.
Golden and the crowd discussed food prices. It was generally conceded that these are affected more by the high cost of fuel and transport of food (the oil industry increased their profits by 50% while most of the economy during the Covid crisis struggled to survive), food processing monopolized by three major firms, and labor shortages.
Golden brought up immigration: most of the audience and Golden agreed with the U.S. Chamber of Commerce and NYS Comptroller that more immigrant workers could help to fill many labor needs, especially farming and food processing, service jobs and even the health industries.
Someone also mentioned that those of working age on refugee status should be allowed to work as soon as possible, especially at most of those previously mentioned jobs, rather than being hung-up with red-tape for months or longer without such permission.
Tariffs: Golden pointed out that “in addition to Nobel winning Joseph A. Stiglitz, joined by 15 other Nobel winning economists warning against the Trump-proposed tariffs as likely inflationary and harmful to our reputation and influence in the world, Forbes Magazine published recently that two-thirds of economists expressed that the proposed tariffs would be harmful.”
Brian Kent pointed out that the proposed tariff on aluminum didn’t make sense since the U.S. doesn’t significantly mine aluminum. Further, raising the cost of aluminum would hurt our efforts toward “energy sustainability.” Golden agreed.
Golden specialized in sustainability and consumer protection issues and authored, co-authored, or contributed to several reports on materials reduction, recovery, and management.
Asked to talk about the environment and the economy, Golden indicated that violent weather not only causes much tragedy, but also is very costly to our economy and exacerbates our housing shortage. In casual conversation afterward, he pointed out that rising water temperatures in the Gulf of Mexico, oceans, and other water bodies are estimated to be contributing to increasing intensities of tropical and other storms.
Sister Dolores Ann O’Dowd announced that the next program put on by Green Orleans Nov. 7 at 6:30 p.m. will address the negative effect of plastics on the environment and economy. Sister Dolores is chair of Green Orleans and a member of the Community Coalition for Justice.
There were many handouts at the event. Contact Bob Golden at goldenjazz59@gmail.com for copies.
Patrick Golden is a graduate of St. Joseph’s School in Albion, Kendall High School, St. Bonaventure University and University at Albany in Economics. He worked for the NYS Business Council and then the NYS Assembly for 34 years. (Bob Golden is his father.)
