It's a combination of things. Tax cuts juicing an already hot economy, economic stimulus attempting to minimize the effect of a temporary pandemic, former execu

It's a combination of things. Tax cuts juicing an already hot economy, economic stimulus attempting to minimize the effect of a temporary pandemic, former executive fighting against interest rate increases. However this is a very US centric view. It's also important to remember inflation is a global phenomenon. US policy might have outsized effect, but it is certainly not the whole story. Global gas prices hit decade-long highs last year, after massive lows during the pandemic. We had to somewhat jumpstart the global economy, and recover from slowdowns during that time as well.