From 2016 to 2020, Republicans were constantly trying to play up the economy. You'll recall Donald Trump claiming it was the greatest economy in history. Meanwhile, Democrats were trying to play it down. Now, the roles have reversed. Since the Democrats own the economy now, they're talking about how great the recovery is while Republicans are sounding warnings. As Peter Schiff explained in his podcast, this political hypocrisy is letting the real culprit get away without blame.
We saw this political hypocrisy on display during Jerome Powell's recent testimony before the House Select Committee on COVID-19. The Democrats on the committee took the opportunity to grandstand about how great the economy is doing. As Peter put it, "They own the economy and they want to pretend that everything is great." Their questions and statements focused on what a good job Powell is doing.
It's interesting in that the Democrats are the ones that are trying to play down the inflation fears. They're the ones that are trying to agree with Powell and reiterate the fact that everything is transitory and so we've got nothing to worry about."