Was sandromarcos7 wrong? Here's what an economist had to say about it. 💸
But was Sandro’s comment really as silly as some are making it out to be? To be fair, after the viral soundbite the neophyte politician went on to explain that investors tend to buy more dollars in times of global crises, raising demand and thus its value. He argued that the peso was performing better against other currencies, proving that it was not as weak as others thought.
Economist JC Punongbayan contended that Sandro’s commentary about the strong performance of the dollar was technically correct… it just wasn’t the whole story.Punongbayan explained that the US dollar was strong particularly because the US Federal Reserve raised policy interest rates to curb high inflation — context that the economist argued Sandro left out in his explanation.
He added that since Sandro’s father is also the sitting agriculture secretary, the latter should work to ensure consistent crop production and allow for more importation to relieve commodity shortages.Public budget analyst Budget Babe also said Sandro’s explanation could have been made simpler, since he wasn’t the first to point it out.
“‘The peso is weak because the dollar is strong. The dollar is strong because the Fed raised interest rates to abate US inflation.’ Couldn’t the explanation be made as simple as this? Global news covered US inflation and rate hikes for months. It just needed repeating,” she wrote.
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