Political journalist John Fund says the Biden administration made a “fatal miscalculation”. “They thought they could sell the American people on ‘ok, we had some inflation, but we’ve brought it back down’,” he told Sky News host James Morrow. “What they forget is this – over two-thirds of Americans are young enough; they have absolutely no memory of the last time inflation was raging through the economy in the 1980s. “So, suddenly prices spiked and everything went up. “Their perception is ‘well, after inflation, prices should go back to before the inflation’.”

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