[Spartan-S63]

This the reality because there's no political will for Congress to act, so we're left the Fed to implement anti-inflationary measures. A sufficiently empowered legislature might attack this on the supply-side so that nominal increases in wages could become real increases in wages while discouraging the supply-side from increasing prices to rent-seek those nominally increased wages.

It sucks, but it is what it is. The rich keep getting richer and the poor keep getting poorer.

[refurb]

Price controls were tried in the 70’s and it failed spectacularly and often led to shortages. We had almost a decade of stagflation - poor economic performance AND inflation.

It wasn’t until the fed took control of the money supply in the late 70’s did inflation get under control.