There is just one problem: as Credit Suisse strategist Jonathan Golub writes, most if not all of these policy prescriptions lower near-term prices but leave longer run inflationary pressures in place. While politically expedient, these efforts encourage additional spending, like what the Biden administration is pursuing right now. They also undermine decision making by obfuscating price signals. In his note (available to pro subs), Golub highlights 2 such examples: the lowering of gasoline taxes and import tariffs, both proposals actively contemplated by the Biden and other western administrations.