The inflation of the early 2020s was caused by government overspending and rising energy prices.

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• Central bank purchases of government bonds are not bailouts and do not automatically cause inflation, since they only change the composition of the consolidated government's liabilities, not their total. OBOlivier Blanchard1 Jun 2022inflationgovernment
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• The return of inflation is what made Donald Trump's second presidency possible, and therefore what makes everything that presidency changes possible. JBJennifer Burns19 Jan 2025inflationgovernment
• Data centres had not raised the average American household's electricity bill as of 2025; inflation and the gas-price shock did. AMAndy Masley10 Oct 2025inflationenergy
• Quoted subsidy totals for meat and fossil fuels mostly describe unpriced damage, not money any government could take back and spend elsewhere. HRHannah Ritchie9 Feb 2026energygovernment

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