But it’s not too late for Biden to turn the boat around, according to economist and conservative commentator Stephen Moore.
I still think there’s time to reverse course and get things under control, but we better do it quickly,” Moore told The National Desk Monday before offering a solution. “It’s obvious we spent way too much money last year and flooded the economy with trillions of dollars we didn’t have and that caused inflation.”
Moore got more specific, arguing that getting inflation down will require two things: Inching up interest rates, which could slow demand and stall price hikes; and boosting the output of goods and services. Ending the tariffs against Chinese goods is also a possibility, but that would come at other risks, he noted.
“That might lower prices a little bit,” More said, referring to lowering trade barriers with Beijing. But he did warn that many of the supply chain problems the U.S. is experiencing right now might be “a result of too much dependence on China [for] goods.”