What’s wrong with the economy? Nobody seems quite sure, but it’s clear that the Biden administration’s $1.9 trillion stimulus bill passed in March, on top of the $900 billion approved during the last full month of the Trump administration, has not had the intended results.

Yes, the economy has grown, and so have wages. But the assurances of President Joe Biden, Treasury Secretary Janet Yellen, and Federal Reserve Chairman Jerome Powell that inflation is just “transitory” grow less and less credible.