Thirty years ago, Bill Clinton’s brilliant and flamboyant campaign manager, James Carville, put a sign on his desk for anyone who wanted to know what the election was about: “It’s the economy, stupid.” Next week’s election isn’t very complicated either: “It’s the inflation, stupid.”

This chart from Laffer Associates shows the growing global spike in higher inflation. It’s happening in the U.S. and most countries in the world because of runaway government spending, debt, and money-printing – almost unprecedented in modern times.

Biden and the Europeans have embraced Modern Monetary Theory – the looney tunes idea that nations can just spend and borrow forever and nothing bad will happen. Well, they were wrong. Really bad things have happened. It’s time to throw the theory and the practitioners of this theory into the trash can (figuratively).