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We’re struggling with the highest inflation numbers we’ve seen in decades. The thing is, inflation is like a boulder rolling downhill; once it starts moving, it’s almost impossible to stop.
But the not-so-distant past may offer a solution. I’m talking about the theory of supply-side economics. It helped former President Ronald Reagan get us out of the crippling one-two punch of inflation and recession when he was elected in 1980. We increased supply, which helped stop rapid price hikes. Then he delivered big tax cuts that put more money in people’s pockets, and we went into a long period of tremendous growth.
Right now, consumer confidence is plummeting as prices are at their highest in nearly 40 years. President Biden seems to be in denial about just how big a problem inflation is at the moment. But it’s time the White House wakes up and starts taking action, before it’s too late.
