It sounded impressive at the time. On the last day of May, a whole ten days ago, president Biden laid out a three-part plan for bringing inflation back under control. It consisted of making sure the Federal Reserve was allowed to do whatever it took to control prices, releasing oil and gas reserves to try to bring down the soaring costs of energy, and fixing supply chains to try to make industry and retailing more competitive. ‘I have made tackling inflation my top economic priority,’ he announced grandly. To listen to the rhetoric from the White House, you might think that this was an issue that could be fixed with a few tweaks to public policy, after which the President could happily go back to taxing and spending on an unprecedented scale. The problem would be solved.
He has failed to acknowledge the government’s own role in creating inflation in the first place
Except, er, whoops, not quite.
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