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Notes -
Keep in mind that elections are not just a tool for choosing forward-looking policies, but also for punishing or rewarding successful or failed policies. It may be the case that what inflation we get is mostly baked into the cake, but firing the chefs that mixed up that batch of ingredients (often enough, while denying that inflation is any concern at all!) is a useful incentive for future politicians not to make the same recipe.
Unfortunately the cake has been baking for a long time. Biden, Trump, and probably Obama have all contributed. But people don't understand this, and so they just blame whoever is in power when it happens. The Fed definitely screwed up not raising interest rates earlier, but making it subject to short-term political whims is not going to be an improvement.
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