This is CBSI on the world. I'm John Batchel. I welcome Joseph Sternberg, member of the editorial board of the Wall Street Journal. He writes the political economics column in the journal. He is in London observing the United States once upon a time. The year 2022, reporting right here, talking to Joe

while he was in London, the inflation rate described as the consequence inflation level.

In other words, all the food was getting expensive, not just one or two items, was then recorded

at 9 percent, and there was panic in the land. These many years later, the Federal Reserve

has done something of its work, and the rate is nowhere close to that. It's headed at 2%

we're told.

However, there's a great deal of attention to what happened in 2022,

I learned from Joe's most recent column,

because there are distinguished voices economists who say that the cause of the inflation of 2022

was supply chain. I can recall that explanation from the Federal

Reserve at the time. Supply chain, meaning all those container ships stacked off outside of Long Beach

coming from China were not able to deliver the goods to us in various stores and markets across the nation

and therefore prices ride. That was the explanation. I thought that explanation was by the board

and we were now concentrating on the extreme spending by the late Trump administration and the whole of the Biden administration.

Several notable examples are still being spent.

However, I learned from Joe, that is not a uniform opinion.

There is a school who's still with supply chain.

Wow. Joe, a very good evening to you.

Supply chain. All right. What about the spending? What about the spending by the Biden administration? Does that get attention from these experts? Good evening to you.

Hey, John. Well, I mean, that is exactly the question. And I think that you have just crystallized

what's going on with this debate right now, because we have had over the past few years the

highest inflation that America has seen in 40 years. Voters were really angry about it, and they blamed the Biden-Harris administration,

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