The current inflation rate in the EU is just under 5 percent. It is over 5 percent in the UK. It is fair, then, to assume that the common impacts of the pandemic–supply chain problems and all that–are the biggest component in the US inflation rate, with the rest being attributable to poorer working conditions for essential employees (a major cause of the Great Resignation) and the size of the pandemic bill.
Our current inflation rate is about 7 percent. It would be fair to ask the voters if they would agree to give their stimulus payments back in exchange for reducing the inflation rate to 5 percent. Do you think they would say yes?
Probably not, because, in spite of the inflation rate, they are actually better off than they were a year ago, and they know it.