The US dollar hasn’t weakened on the global market, so “printing” (not really how that works, but let’s pretend) a bigger national debt isn’t what’s driving inflation at home.

The Trump plan for national insourcing has kinda worked, at least in so far as businesses have become much better at moving low price commodities over the border and assembling (or, in many cases, just reboxing) them behind the tariff wall.

Meanwhile, China is cutting fossil fuel exports enormously, which has kept global energy prices unexpectedly low. We’re not seeing a fossil fuel crunch. We’re just seeing American energy exporters profit at Europe, Africa, and India’s expense.

We’re also seeing a cresting wave of corporate profits. Shit is expensive because of consolidation, enshittification, and price gouging.

But moreso, specifically in agricultural markets, we’re seeing a surge in crop failures, livestock diseases, droughts, and fires that are fully independent of administration.

Biden and Obama and Bush and Clinton (and the hundreds of legislators and and governors underneath them) fiddled around the edges of these problems for decades prior to Trump. These are American policies broadly speaking.