In his first week back in office, President Trump signed an executive order titled “Delivering Emergency Price Relief for American Families and Defeating the Cost-of-Living Crisis.” The order directs federal agencies to roll back regulations that drive up costs in critical industries like housing, energy, and healthcare. That’s a step in the right direction—excessive regulation is an economic straitjacket—but the real driver of economy-wide inflation isn’t red tape. It’s the Federal Reserve. Regulations might add friction to specific markets, but inflation—true, systemic inflation—is the result of reckless monetary policy. When the Federal Reserve expands the money supply, the value of each dollar falls, forcing Americans to work harder just to maintain the same standard of living. Yet, astonishingly, Trump is…
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