Inflation Is the Political Hot Potato Nobody Wants to Hold

The trillions of dollars the Fed created during the pandemic quietly transferred wealth from ordinary Americans to those who received the new money first, leaving prices roughly 30 percent higher than in 2019. With neither party willing to confront the central bank at the root of the problem, voter anger over the cost of living has turned every incumbent into the next casualty of the inflation crisis.

The following article was originally published by the Mises Institute. The opinions expressed do not necessarily reflect those of Peter Schiff or SchiffGold.

The 2020s have been a crazy decade in American politics.

They began, of course, with one of the most chaotic and intense years in recent American history. After a global pandemic brought almost all aspects of life to a halt, cities erupted in nationwide riots for much of the summer, and a seemingly endless stream of scandals and stunts like the Hunter Biden laptop drove the politically-active public to exhaustion; after all that, Joe Biden won the presidency.