It’s the Inflation, Stupid

Bill Galston: “Inflation is now, incontestably, the leading issue for the electorate, and voters are giving the Biden administration low marks for handling it. This is a political crisis for Democrats, who are battling to retain their House and Senate majorities in highly unfavorable circumstances.”

“It is also a challenge for establishment economists—in academia, the administration and the Federal Reserve—most of whom misjudged the issue until the reality of high, rising and persistent inflation became too obvious to deny.”