“It’s important for the new administration to understand that controlling inflation requires more than Federal Reserve action. It demands fiscal discipline. That means difficult choices that politicians typically avoid. Federal spending must be curtailed, particularly in entitlement programs. Tax revenues must be made stable and predictable. Most importantly, the administration must reject new spending, regardless of the apparent merits. Finally, more tax revenue through more growth—made possible by the improved tax system and deregulation—would help.
Continuing to ignore fiscal-monetary interactions and hoping inflation will mysteriously moderate risks a crisis that could dwarf any challenges we face today. Fiscal responsibility isn’t just about balancing books; it’s about maintaining the stability of the dollar and the prosperity of the American people. History tells us that the longer we wait, the more costly the eventual solution becomes.”
https://reason.com/2025/01/16/the-way-out-of-our-inflation-mess