Politicians rarely take responsibility when their ill-conceived policies don’t work out. It is far easier to engage in the “blame game.” And if the circumstances play out just right, then the crisis may even cynically serve as a justification to enact even worse policies.
As a prime example, take inflation.
When President Biden took office in January 2021, inflation was holding steady at 1.4%. But by June 2022, the inflation rate skyrocketed to 9%—a level not seen since 1981. As of this writing, inflation remains near 7%.
To be fair, Covid-related supply chain problems were (and continue to be) a contributor to rising prices across the globe. But it would be intellectually dishonest to ignore the “fiscally-induced inflation” caused by the trillions in government spending injected into the U.S. economy over the past two years that has produced sizable increases in both disposable income and the money supply.
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