inflation, but we are far closer to regaining the jobs lost due to the pandemic than, i think, almost anybody expected. so by most normal standards, this has been a really good year. trouble is actually condensing enough people that that's happened. >> inflation is a worldwide phenomenon now. how much of the inflation that this country is enduring now is attributable to government policy? >> i would say not very much. there's some. those programs, the american rescue plan, sustained purchasing power and americans have been buying a lot of stuff and a lot of what they've been buying is physical stuff. you couldn't go to the gym, so you bought exercise equipment. that has clogged supply chains and that's part of the reason for the inflation. the fact of the matter is a lot of it is really independent of