In the Alpine nation of Austria, where I currently live, residents are receiving the euro equivalent of $490 as a “climate and anti-inflation” bonus.

This will be a godsend for those struggling with rocketing European energy prices and sustained inflation. Other European nations are doing the same, as well as more than a dozen U.S. states. But doling out millions of dollars without increased economic production will likely do more to ratchet up inflation than minimize it. The Federal Reserve admitted as much in July. It certainly won’t expedite the end of the energy crisis.