The Biden administration keeps touting its "investments" in infrastructure and other programs. Meanwhile, average Americans continue to say they're struggling with price inflation. Peter pointed out that the administration isn't really investing in anything. It's just spending money it doesn't have.

And that's creating inflation.

All of that government spending is being financed by deficits and that's really the source of the inflation. And it has been the source of the inflation for many, many years because the Fed has been monetizing all the government debt by creating money. That's what's been putting all the upward pressure on prices. So, it's the government that's responsible for the inflation. As long as the Biden administration keeps spending money that it doesn't have, inflation is going to get worse."