I studied economics in both undergrad and graduate school. While there may be many factors that lead up to a period of inflation, but when you break it down to a 4th grade reading level, it's pretty simple.
Inflation = too much money + too few goods.
That is it, in a nutshell. I don't think, in the 50 years since I took Eco 101, the definition has changed.
Regardless of what the Biden administration is telling us, the basic problem today is that the money supply is too big, and it is chasing goods in a time of supply crisis. Some of these supply issues were fomented during the pandemic, others are a direct result of the Biden administration tightening regulation on the petrochemical industry. If the oil were flowing freely, we would stull have $2.00 gasoline.
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