To hear many talking heads and op-ed writers tell it, America’s sky-high inflation – 8.6 percent in May – can be laid entirely on the doorsteps of President Biden and Federal Reserve Chairman Jerome Powell. Some of these claims are absurd on the face of it: for example, that the Biden administration is responsible for soaring gasoline prices, which in reality have been propelled upward by a nearly $100 per barrel rise in the world price of crude oil. Other claims are merely exaggerated: that today’s surging prices owe to the profligacy of the $1.9 trillion COVID-19 relief plan Biden signed last year, or to the Fed’s failure to act quickly enough to tighten monetary policy. But the fa
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