US. GDP Growth Rate 1961-2022 chart below shows that US has an average annual growth rate of 2.5%.

China GDP growth rate chart below shows that China has an average annual growth rate of 10% in the last 40 years.

US inflation highest in 40 years:

Surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June, further pressuring households and likely sealing the case for another large interest rate hike by the Federal Reserve, with higher borrowing costs to follow.

Consumer prices soared 9.1 percent compared with a year earlier, the government said, the biggest 12-month increase since 1981, and up from an 8.6 percent jump in May. On a monthly basis, prices rose 1.3 percent from May to June, another substantial increase, after prices had jumped 1 percent from April to May.

Year-over-year inflation hits another new high

Consumer prices in June 2022 were 9.1 percent higher than last June — the largest annual increase since 1981.

The ongoing price increases underscore the brutal impact that inflation has inflicted on many families, with the costs of necessities, in particular, rising much faster than average incomes. Lower-income and Black and Hispanic Americans have been hit especially hard, because a disproportionate share of their income goes toward such essentials as housing, transportation and food.

The most effective way to reduce inflation is for the government to increase taxes (such as income tax and VAT) and cut spending especially on its military.

US Military Expenditure
​
The U.S. outpaces all other nations in military expenditures. World military spending totalled more than $1.6 trillion in 2015. The U.S. accounted for 37 percent of the total. U.S. military expenditures are roughly the size of the next seven largest military budgets around the world, combined.

Since World War 2, the US has bombed 36 countries as shown on the list below:

The quickest way to reduce inflation is to stop being the most wicked and biggest bully in the world.