If the last two years have taught us anything, it is that federal economic policy can either empower America’s workforce or its bureaucracy. As we sit in a period of historic inflation, chaotic housing and energy markets, and a 6.2% increase in the personal consumption expenditures price index this year, people are experiencing economic whiplash because the Biden administration has chosen to empower the latter.
Proposed tax and spending cuts by the G.O.P., which is making a push to take back Congress, are unlikely to bring down rapidly rising prices any time soon.