Federal Reserve Chairman Jerome Powell had this to say about handling the burgeoning inflation extant in today’s American economy:

Slowing demand growth should allow supply to catch up with demand and restore the balance that will yield stable prices over time.

It’s impressive that a government official as steeped in economics as Powell is has such a deep misunderstanding of the situation.

It’s not a matter of slowing demand growth, it’s a matter of slowing government demand growth. The private economy, especially when it’s not competing with government for goods and services—and for the inputs to those goods and services—will easily and efficiently take care of itself, with changing supply and demand comprising self-correcting stabilizers on our economy.

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