Many Reasons

There's no "one" to blame because there are so many factors

This is my response to something I read on FaceBook:

While it is certainly true that printing (or creating) more money can be inflationary, that’s only part of the story. When inflation is high, incomes for most people usually increase slower than prices for goods and services. So, for most of us, more money goes out than comes in. But there are others who benefit greatly from the higher prices because for them, much more additional money comes in than goes out. They receive this benefit of inflation without having done anything more to “deserve” these greater profits. If this super-extra income, earned through no additional merit of their own, was taxed appropriately, the inflation would cool.

We have a divided government, which is a direct result of the people being so divided. The President, alone, is not responsible for inflation. Congress is at least equally responsible – and corporations and oligarchs certainly deserve a share of the blame. (The world-wide pandemic gets a share as well.) With the tax structure we currently have, individuals like Elon Musk, Jeff Bezos, and a few others actually become an unelected part of the government, with as much or more influence over the economy as the president has. Since we, the people, are supposed to be the government, this unbridled market system gives excess influence to a few and essentially makes them a large part of the government. President Biden has done the things he has done in order to help people. That’s honorable. He has worked to help people who lost their jobs during the pandemic, and at the same time help the country have a better infrastructure. It’s Congress’s job to have a tax structure that will pay for it, and thereby keep inflation down and simultaneously give less influence to unelected billionaires. We have essentially been growing an unbridled market system since 1981, when Ronald Reagan became president. Those of us who would like to see a fairer tax structure are not socialists. We believe in a blend of capitalism and socialism – capitalism with social securities (like Social Security, itself). We want to see an economic system that serves us all and helps people when they need it.