Writing on American Greatness, Adam Mill (a pen name) explains that we are heading into an “economic doom loop” owing to years of folly by the Fed, Congress, and the White House. Inflation will accelerate, but the usual counter-inflationary policies will cause other miseries that officials won’t want to inflict.
We are in for a lot of economic pain, much like a drug addict who must either quit the habit or die of an overdose.
We went through a great deal of economic pain in the 1930s and the “progressives” managed to convince most of the public that the cause was free-market capitalism and the solution was government regulation. That was completely wrong and we have been suffering adverse consequences ever since. We’re about to have the same scenario and the “progressives” will again claim that the combination of high inflation and falling output is the fault of anything but their policies. They’ll demand even more power to cure the crisis they’ve caused.
We will have to do everything we can to persuade the people that government is the cause and freedom is the solution.