We need to talk about the real reason behind US inflation
我们得谈谈美国通胀背后真正的原因
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，美国劳工部宣布，国内消费者物价指数（CPI）——反映从汽油到食品杂货等一揽子商品（价格变动水平的指标）——较去年同期增长 6.2%。这是美国自 1990 年 11 月以来达到的最高年通胀率。
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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.
美联储主席杰罗姆·鲍威尔指出，“物价上涨的一个主要原因是供给瓶颈。”然而，美国通胀的一个更深层次的结构性原因是：美国经济集中在相对少数的企业巨头手中，它们能够提高商品价格。从这个角度来看，美国经济的根本问题并非通货膨胀本身，而是市场缺乏竞争。
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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，宝洁公司宣布将开始对尿不湿、卫生纸等一系列主要消费品收取更多费用，原因是“原料成本上涨”。但是，宝洁公司仍在赚取巨额利润。截至 9 月 30 日（第三）季度结束，该公司财务报告显示其利润率高达 24.7%。
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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.
你能在能源价格上看到类似的模式。自 20 世纪 80 年代美国政府几乎放弃执行反垄断政策以来，美国三分之二的产业变得更为集中化。
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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，针对最新一轮的通胀，合适的解决措施应是什么？美联储放出信号表示，暂时将不会提高利率。同时，拜登政府官员一直在与石油产业协商，希望能遏制石油价格的上涨。
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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.
但这些都无法解决更深层次的结构性问题。这一结构性问题只能通过一种方式来解决：积极执行反垄断法。
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主编：Felicity、啾笛
品控：Felicity、迎迎
审核：乐崽
重点词汇
inflation
/ɪnˈfleɪ.ʃən/
n. 通货膨胀
相关词汇：inflate（v. 使充气，膨胀；吹嘘，吹捧；（使）涨价）
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.
文化补充：通货膨胀是一定时间内一般物价水平的持续上涨现象。
bottleneck
/ˈbɑː.t̬əl.nek/
n. 瓶颈，障碍
相关词汇：bottle（n. 瓶子）
相关词汇：neck（n. 脖子，颈部）
例句：The app has hit a technological bottleneck.
giant
/ˈdʒaɪ.ənt/
n. 商业巨头；（希腊神话中残酷而愚蠢的）巨人
underlying
/ˌʌn.dɚˈlaɪ.ɪŋ/
adj. 底层的，潜藏的，根本的
相关词汇：underlie（v. 构成……的基础，作为……的原因）
相关词汇：lie（v. 躺下）
相关词汇：under（prep. 在……下面）
英文释义：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
/ˌpɝː ˈseɪ/
adv. 本身，自身
英文释义：by or of itself
例句：The job, per se, isn't interesting, but it pays well.
staple
/ˈsteɪ.pəl/
n. 主要商品
英文释义： a main item of trade
例句：Most stores were low on staples such as bread and milk because of the storm.
词性拓展：staple（adj. 主要的，基本的；重要的）
搭配短语：staple foods（主食）
例句：White T-shirts are a staple part of everyone's wardrobe.
diaper
/ˈdaɪ.pɚ/
n. 尿不湿
cite
/saɪt/
v. 提及以作为原因）；引用，援引
例句：She cited words of Virginia Woolf in her article.（引用）
英文释义：to mention something as a reason
例句：She cited her heavy workload as a reason for her poor health.（提及以作为原因）
whopping
/ˈwɑː.pɪŋ/
adj. 巨大的，庞大的
搭配短语：a whopping lie
搭配短语：a whopping loss
all but
几乎……，差不多……
英文释义：almost completely
例句：She all but fainted when she heard the news.
例句：The office was all but empty.
相关表达：anything but（根本不……）
英文释义：not at all
例句：She looked anything but happy.
antitrust
/ˌæn.t̬iˈtrʌst/
adj. 反托拉斯的，反垄断的
词根词缀：anti-（反对……的）
相关词汇：trust（n. 垄断组织，托拉斯；信任）
enforcement
/ɪnˈfɔːrs.mənt/
n. 实施，执行
相关词汇：enforce（v. 执行，实施）
搭配短语：to enforce a law / policy
for the time being
暂时，眼下
英文释义：for the present
stem
/stem/
v. 阻止，遏制；起源于……，根源是……
例句：Most of her health problems stem from a car accident she had before.（根源是……）
英文释义：to stop something from happening
例句：We must take action to stem the tide of resignation.（遏制）
amenable
/əˈmiː.nə.bəl/, /əˈmeː.nə.bəl/
adj. 可以用某种方法处理的
英文释义：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
/əˈɡres.ɪv/
adj. 积极的；好斗的，攻击性的；闯劲的，积极进取的
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.
