From WSJopinion: Let the Fed take on inflation. The U.S. economy has remarkable powers of recovery when the political class gets out of the way.
Imagine if the Biden Administration had focused primarily on the pandemic as it took power a year ago. Get the vaccines out, accelerate Covid therapies, and let an economy poised to soar take off on its own. No $1.9 trillion “relief” bill in March, no threat of new tax increases and spending to “transform” American society.
Would the economy now be healthier, with much less inflation, fewer shortages, and more consumer and business confidence? We’ll never know, but there’s a strong case for thinking so, as we examine Thursday’s report from the Bureau of Economic Analysis that GDP expanded 5.7% in 2021.
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