This is the Cato Daily Podcast for Wednesday, May 11th, 2022.

I'm Caleb Brown.

Joe Biden says tackling inflation is his biggest domestic policy priority,

but there are a lot of levers that the president, for better or worse,

has direct control over that this president is just not pulling in the interest of, you know,

actually addressing inflation.

Cato Scott Linsic of comments.

Inflation, I believe it was John Maynard Keynes who called it a thief

and not one man in a hundred could properly

identify the cause of the rising prices that people would see.

And so, you know, there are for lower income people, inflation can be devastating watching their wages as a real matter

shrink even as they're getting a raise and so it's worth noting all of the devastation, the various industries that face enormous crunches,

other industries that face enormous windfalls. But what can Joe Biden do about

any of that if we accept the premise that inflation is everywhere and always a monetary phenomena.

And that's a great place to start.

I mean, I think it's really important to note that, look, the vast majority of

are inflationary issues are going to be, you know, demand side, monetary policy, a bit on the

fiscal stimulus side, and then the pandemic just doing its thing, right? You have this kind of wave of demand

fueled by very ultra-loose monetary policy and fiscal stimulus hitting a supply

side that is unfortunately still doing crazy things because of the pandemic and now the war in Ukraine.

So once you start there though, you think about well what the president do and here the president does have a few

levers that could provide some relief either on the demand side or the supply side I mean I think the supply side is really where he has the easiest

...