alt Hacker NewsYou mean with the greatest wealth transfer to the wealthy in history that added a quarter to our entire national debt? Yeah, you can't do that often.
The US national debt is about to hit $40 trillion. It was $20 trillion 9 years ago.
What Trump and Biden should've done is implemented a windfall profits tax of probably 80%. But there's absolutely zero chance of that happening by either party.
> mean with the greatest wealth transfer to the wealthy in history that added a quarter to our entire national debt?
The national debt was added before the inflation took hold to counter the Covid recession. (When the MMT nutters were at the helm.)
Powell cured the resulting inflation without causing a recession. He did that without adding anything to our national debt.
> What Trump and Biden should've done is implemented a windfall profits tax of probably 80%
This just creates a political game of defining what is and isn't a windfall. A progressive corporate tax achieves what I think you want to without the side effects.
Either way, the playbook for getting out of this is steeply increasing rates and then moderating them before inflation hits target.