12-1-21 inflation concerns

LBJ tried jawboning.  Richard Nixon issued a presidential edict.  The Ford administration printed buttons exhorting Americans to “Whip Inflation Now.”  Over the years, American presidents have tried, and mostly floundered, in their efforts to quell the economic and political menace of consumer inflation.   Retired Ripon College economist Paul Schoofs says the reality is that presidents have only so much control over consumer prices.  Last week president Biden ordered the release of 50 million barrels of oil from the U.S.  strategic petroleum reserve in an effort to contain energy costs.