The fed chairman was hired by Trump in 2018. Biden rehired him in late May of this year--less than 2 months ago. How is Biden responsible for a Trump appointee not having perfect foresight? You are dealing from hindsight, which is always 20:20.
As for deficit spending, that is covered by borrowing. In other words, existing money, nothing is "printed." You do, I hope, realize that no money is actually printed, right? But it's true that the money supply has increased a lot (and I really do not understand the details of how this works) and that contributes to inflation, but inflation is world-wide and not just in the US. How is this Biden's doing?
And as I have mentioned before and you have ignored, how about cutting the deficit by funding the IRS so they can catch tax cheats, taxing corps and the wealthy at a reasonable rate, and instituting a wealth tax?
Peter, If Powell had an eight-year term extending through Biden's term, then I'd agree with you. But, Powell's appointment made by Trump ran out under Biden. Biden rehired him. He praised and glorified him when he reappointed him. He's responsible. He's a Biden appointee and no longer a Trump appointee. I said Powell should be replaced, why didn't Biden do that? If I could figure out the lousy job he was doing predicting heavy inflation and higher prices, why didn't Biden's PhD economic advisors know that? Powell was doing a lousy job. He was printing and printing. Of course, we were going to have inflation, and now a recession. Biden should have hired someone else who knew what he was doing like Carter hired Volcker to Chair the Fed to fix the last inflation mess in the 1970s. He raised interest rates to 20%. Frankly, we need another Volcker.
The word printing is like a metaphor. The way increasing currency was done in the old days was to print more. Coins were debased. I remember quarters and dimes used to be silver when I was younger. Now they're some composite of crap metals. Roman emperors used to debase their gold coins by making them smaller or adding other base metals. It's like bacon. You buy a 12-ounce pound of bacon for the same amount of money. It's missing of few pieces. The Fed doesn't actually print money although printing does occur to a certain extent for cash purchases. But most trasnfer of wealth occur digitally through the checking system or other bank transferences, credits card, etc. When I bought my used car, the bank created the money in 1s and 0s magically in their account and sent it to the car dealer into their bank as 1s and 0s. No cash exchanged hands. Basically the Fed creates money by adding to accounts in banks. They're inflating the money supply. So magically, the money is created. It's a complicated process that I don't understand thoroughly either. But the point is the economy gets additional money increasing the amount of currency. The more currency, the less each dollar or unit of currency is worth. Since the value of each dollar is decreased, the value or cost of each product goes up. So instead of paying a dollar for a soda, you have to pay $1.10. The 10 cents is a hidden tax on us.
Since other Central Banks like the Fed are also inflating their currency, the EU, Japanese yen, etc, inflation and higher prices also affect their countries. Additionally, because the US dollar is a reserve currency, our inflating the dollar, affects the whole world to a certain degree. Additionally, oil is traded worldwide in dollars (Petrodollars), except currently between China and Russia who have a side deal. Since America is inflating its dollar making its value less, you need more dollars to buy oil. Other countries then need more dollars too to buy oil. So they have similar increases in the cost of oil as we do.
