I agree with most of this. I just don't accept the original claim that there isn't a supply shortage. There is a supply shortage. If supply isn't keeping up wit

I agree with most of this. I just don't accept the original claim that there isn't a supply shortage. There is a supply shortage. If supply isn't keeping up with demand, that is by definition a supply shortage. Whether the demand increase is organic or through stimulus is largely immaterial to the question of whether there's a supply shortage. Whether it's easier/better to reduce stimulus or increase supply is also immaterial to that question. Whether the supply can't increase quickly enough because of physical limitations is also immaterial. Also, are you sure that the immediate cause of this is all fiscal/monetary policy influencing demand. How have lockdowns impacted on supply?