I am not qualified to school anyone but given the global nature of inflation it seems pretty clear that US economic/fiscal policy is not the only (or even leading) cause. Sure, loose spending and tax cuts over the last 2 decades are contributing factors, but it looks pretty clear to me that the pandemic and subsequent war in Ukraine are still having a major impact on supply. The questions relevant to this thread are:
How much of the inflation is Biden’s fault? Some, but only a fraction. Biden didn’t cause the pandemic which led to global supply chain issues that still haven’t fully resolved. He didn’t cause the Russian invasion of Ukraine that led to supply shocks in food and gas. Yes, Biden has spent, and I personally wish he hadn’t signed that stimulus in 2021. But that represents only a fraction of the money supply. The Bush/Trump tax cuts and the Obama/Trump stimulus packages dwarf the amount of money released during Bidens term. Of the 8.3 YoY cpi increase for August, my guess is Biden’s spending has contributed less than 2% of that 8.3%.
What can Biden do to combat inflation? The Fed is raising rates to combat the inflation caused by increased money supply, but technically Biden doesn’t control that. Biden has made several key moves to battle inflation with pretty clear positive results. Releasing oil supply helped tame gas prices. The Inflation Reduction Act will likely lower overall inflation impacts for middle and lower class Americans. There are several other things I’d like to see him accomplish: work with the Saudis to increase their supply, work to resolve the Russia/Ukraine conflict, and work to assist China in resolving their supply chain issues. Obviously avoiding more supply shocks (eg railroad strikes) is also important.
I personally think an underrated aspect of this inflationary period is demographic trends. Boomers are aging out of the workforce and there aren’t enough workers to replace them. I am not sure if addressing that issue via immigration is politically feasible at this time, but medium and long term something will have to be done there.