The Federal Reserve is to blame for inflation
There seems to be a wrong impression as to who and what is causing today's inflation.
The Federal Reserve's Federal Open Market Committee votes on policy led by Federal Reserve chair Jerome Powell. Per the Federal Reserve's website, its goals are "...to conduct the nation's monetary policy to support three specific goals: maximum sustainable employment, stable prices, and moderate long-term interest rates."
Today's problem is that Jerome Powell has mistakenly not cooled the economy. The committee should have stopped buying corporate debt and mortgage debt this past summer when it was determined that inflation was at 6%. The Federal Reserve should have raised interest rates by now to at least 7%. Presently the rate is near zero.
In the early 1980s inflation was nearly 15%. Then chairman Paul Volcker and the Federal Open Market Committee raised the prime rate to over 20%. While this caused a recession, it brought inflation down to 3% by 1983.
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