Personally, I think this slow moving inflation disaster is the result of the US government's inability to raise taxes. They have to reduce the money supply somehow to fight inflation and they're doing it with one hand (fiscal policy) tied behind their back. I suspect the reason is because tax increases are politically toxic while monetary policy changes made by the Fed are seen as apolitical. To be even more cynical about it, one could argue that the wealthy people and corporations who control politicians have an obvious interest in preventing tax increases even when it would benefit the economy as a whole in the long term.