From WSJopinion: We’re already stuck with supply-chain bottlenecks and too much cash, writes Michael C. Munger. A government price plan can only make things worse.
Journal Editorial Report: A divided party heads toward the midterms. Image: Drew Angerer/Getty ImagesAsked about his plan for a dangerous opponent, boxer Mike Tyson once said: “Everybody has a plan until they get punched in the mouth.
” President Biden has proposed variousPrices rise when goods become scarce or the money supply expands rapidly. Pandemic-induced holdups in the supply chain have caused scarcity; the Federal Reserve has increased the money supply more than 40% in the past two years alone. After spending months dismissing inflation as transitory, the administration is now taking it seriously.
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