Following the two latest recessions, the growth in high-paying jobs was stronger, on a percentage basis, than was the growth in low-paying jobs. The opposite happened after the previous two recessions.

In contrast with many people’s expectations, the Fed’s injection of $3.5 trillion into the economy caused no significant inflation or increases in the price level. There are many possible explanations in the mainstream; an alternative is a liquidity trap.

A look at food prices in the two countries helps to explain the increasing correlation in their inflation patterns. One reason why their food prices are moving together is the increased trade between the countries.