Biden's inflation is raging at 7.5 percent because we borrowed and printed more than $6 trillion fighting Covid, not because of the semiconductor shortage, which was also caused by Covid.

That was President Joe Biden in his first State of the Union Address on March 1, attempting at least to deflect some of the blame for inflation away from the federal government's unprecedented peacetime spending, borrowing and printing avalanche of more than $6 trillion in response to the Covid pandemic.

That included the $2.2 trillion CARES Act and $900 billion phase four legislation under former President Donald Trump, and the $1.9 trillion stimulus and $550 billion of new infrastructure spending under President Biden.

As a result, the national debt has increased by $6.8 trillion to $30 trillion, of which the Fed monetized half, or $3.4 trillion, by increasing its share of U.S. treasuries to a record $5.7 trillion.

Overall, the M2 money supply has increased by $6.3 trillion to $21.6 trillion, a whopping 29 percent increase.

As for the semiconductor shortage, that appears to have also been caused by Covid.

According to research by McKinsey & Company for the World Economic Forum, published Feb. 9, 2022: "Automakers cut their chip orders in early 2020 as vehicle sales plummeted. When demand recovered faster than anticipated in the second half of 2020, the semiconductor industry had already shifted production lines to meet demand for other applications." Since then, semiconductor producers have been struggling to catch up to demand as Biden touted Intel's new semiconductor plant being built in Ohio.

Now, even after Covid, Biden still wants parts of his $3 trillion Build Back Better spending bill passed by Congress.

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