> The Biden administration decided that the best way to fight inflation was to invent a giant pile og money and hand it out
Can you provide some references for your claim? IIRC, under Biden, inflation was stoked by the Covid stimulus(arguably necessary to avoid rapid deflation due to Covid, but probably kept for too long) and the Fed moved pretty decisively in the second half of the Biden presidency to raise interest rates rapidly to combat inflation. FWIW, the inflation issue seemed to be under control and heading in the right direction before the administration changed.
> IIRC, under Biden, inflation was stoked by the Covid stimulus(arguably necessary to avoid rapid deflation due to Covid, but probably kept for too long)
Regrettably, everyone more or less memory-holed this. Biden is held responsible for all the bad things that happened because of COVID, and Trump escapes any blame whatsoever despite, yknow, advocating for bleach injections or whatever that was.
The central bank raises interest rates, until there are enough bankrupcies and unemployment rate reaches a high enough level, The economy cools down.
The nation has low inflation again.
Rinse out and repeat.
They do the direct opposite of bailing anyone out.
Now the US is different. The Biden administration decided that the best way to fight inflation was to invent a giant pile og money and hand it out.
Which heats up the economy and should raise inflation .