Election 2024

Eric Boehm | 11.5.2024 11:00 AM

In retrospect, the most important incident along the road to this Election Day may not have been the Democratic Party's decision to shove aside President Joe Biden, or the unprecedented (and undemocratic) elevation of Vice President Kamala Harris to the top of the ticket. It wasn't the Republican Party's inability to break out of the thrall that Donald Trump holds over it, or the two assassination attempts aimed at him.

The thing that most shaped this election happened long before all that. It was a decision made in the early days of the Biden administration. With the last election barely in the rearview window, Biden pushed a major stimulus bill through Congress—a bill that spent $1.9 trillion, nearly all of it borrowed—despite warning signs that the already recovering economy might not be able to handle the full-throttle infusion of more dollars.

"Now is the time for big, bold action to change the course of the pandemic and begin economic recovery," Biden promised. Bloomberg termed it a "big bet on run-it-hot economics," and noted that the White House had "shrugged off warnings that the economy may overheat as a result."

It was a wager that didn't pay off the way the White House had hoped.

A year later, inflation had surged to over 9 percent, its highest level in 40 years. As I've written before, that fact undersells the historical........

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