The Biden administration is telling Americans they are responsible for record inflation. Consumer demand exceeds the supply of goods and services. Corporations are not paying their fair share of taxes. Putin for the invasion of Ukraine. Oh good?
News flash: The government—specifically Washington, DC—is responsible for inflation. So much so that a particular agency (the Federal Reserve) was created at the turn of the 20th century to combat it. But he repeatedly failed to do his job. Why? It’s too political.
Here’s what the government can do if it’s serious (and so far it hasn’t): Accelerate the Keystone XL pipeline, deregulate oil/gas permits, and work cooperatively with major U.S. producers of oil and gas to drive down energy prices rather than crawling to foreign oil-producing countries to produce more.
As a freshman in college, I took an economics class and learned that the causes of inflation are: the government prints/circulates too much money and the government spends/ borrows more money than it takes in tax revenue, causing interest rates to rise (causing a recession).
Paul Samuelson wrote the manual, which is still available for purchase online. If I thought it would help them, I would offer copies to the President, Vice President, Janet Yellen and Jerome Powell. But alas, I don’t think that would be the case.