We are measuring the pain someone is experiencing by how much they are bleeding. Two guys come up to a bystander and the first guy starts punching the bystander in the face and knocks him down. Bystander, no bloody nose yet, stands back up and the second guy throws more punches and blood comes gushing out.

Based on our measurement it would be the second guy that caused him pain. In reality they both did and it started with the first.

If you look at inflation by quarter it started the curve up in the second half of 2020 and took off early 2021. No president can impact the measured inflation before they get in or in the first 6 months of their term. Both presidents threw haymakers that impacted inflation. You can’t make an intelligent argument against that.

Now what you could argue is that Trump would have done something differently that would have slowed it down. Honestly we will never know.