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Commentary from the Mises Institute
Speaking at the Eisenhower Executive Office Building, President Joe Biden on Tuesday morning declared inflation to be his top “domestic priority” and insisted that inflation would not be a problem were it not for covid and the war in Ukraine. There was little room, however, for any sound economics in a speech that was little more than a campaign speech for the ruling Democratic Party in an election year in which the party looks to take a beating at the ballot box.
In truth, it is the US regime itself—and the regime's central bank—that is the real cause of today's galloping inflation. And even worse, neither the central bank nor the White House will admit its role or reverse course. Last week it was clear that Fed chairman Jerome Powell refuses to admit any role in today's price inflation, and he apparently has no clue about what to do about it. This week, Biden insists his own government is blameless all while further pursuing regulation and taxes that will only make inflation worse.
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