The Fed is a failure. Only Congress can fix it

High inflation creates major hardships for American households. Since January 2020, prices have grown at nearly 4% per year, which is double the rate the Federal Reserve targets. The prices we confront most frequently— food, energy, and shelter— have experienced some of the largest spikes. No wonder so many people think the economy is weak. It’s hard to make ends meet when your expenditures grow faster than your income and savings.

Prices are 9% higher today than they would have been if monetary policymakers had done their job. Indeed, persistent price hikes are the greatest policy blunder of the 21st century.