I agree - they're completely out of touch. And in 9 months, we're going to see the results of this stupidity. I can't imagine them suddenly figuring out how to change it up. They're on the wrong side on just about every point.
If they do nothing inflation will simply recede since several factors leading to the pricing pressures will subside. But you cannot take credit for things if you do nothing so he is trying to put a bow on the pig so that in October he can claim that he did something and inflation came back down... He might as well plant tulips and basil in the garden and then claim in October that his agriculture plan reversed inflation...
Of course inflation receding and price-cost reversion are not necessarily the same thing. You know if gas hits five bucks in your area and still at five for the year after that looks like no inflation for the following year but is not pretty either and looks like inflation receding. Ditto for housing and everything else.
Anything he does is going to have a worse effect. The only way inflation comes down by the time of elections is an economic crash. Then he'll have to answer for that.
Depends on what he can get away with as far as action out of the senate/house and as we know that all hinges on some very tenuous votes. His handlers know that inflation letting will come too late or election purposes but they can still try to make attempts at getting the "cost to households down" by handing various types of monthly relief checks or whatever. A tact that they are well familiar with. So if for example, inflation is allegedly biting the average household at - say- 300 per month and he is booting out a check for 300 per month then the hope would be that it softens the blow. And if he can not get it through then the dems at least use the inability to get it through as a carrot and stick in the campaign. I am not even remotely advocating that or saying they can get it through. Just sayin, that is the type of groove their minds go down in such situations.
I am pretty sure that you guys must watch only Fox News. Because I watched a few lefty networks over the weekend and it was wall-to-wall 24/7 talk about how Joe and the dems are back after the great jobs report.