On inflation, both Biden and Republicans are suffering from the same delusion

Source: Washington Post
by Catherine Rampell

“Prices, and the pace of price increases, are driven by factors mostly outside a president’s control. Particularly right now. The global pandemic has disrupted supply chains here and abroad, including through worker shortages in factories, transportation, warehousing and retail. Meanwhile, Americans have accumulated a lot of savings. That’s partly because there were fewer things to spend money on while large portions of the economy were effectively shuttered last year, and partly because the government provided generous fiscal support through several rounds of stimulus payments and other measures. This cash is burning a hole in many consumers’ pockets. They’re eager to spend. Higher demand + constrained supply = shortages and price spikes. Much of the media coverage seems to assume Biden can pull some magic lever to make all these problems disappear.” (11/16/21)