If they were truly serious about inflation, Biden would have reined in spending and increased fossil fuel production, as the Fed followed the Volker model with the same 5.5% Fed funds rate, but over a 6-month period instead of 16 months. That would have created an almost immediate recession, and the resulting demand destruction would have surely tamed inflation almost instantly.
Instead, we’re subjected to economic Lingchi, with ever higher deficits leading to higher interest payments on the debt, which puts more money in consumer’s pockets. That leads to more demand, which leads to higher inflation, which leads to higher interest rates…