I agree with my fellow columnist that simplifying complex issues such as inflation for the sake of political victory isn’t helpful, but our opinions diverge on the issue of how much blame is to be laid at the feet of the federal government and the Federal Reserve.

Supply chain issues brought on by the COVID-19 pandemic have no doubt contributed to rising inflation, but that is only one small piece of the puzzle. To see the complete picture, one must take careful account of the actions of those in charge of fiscal and monetary policy during the last several years. I will warn that if you expect a certain political party to be validated with this accounting, you will be disappointed.

Also read: POINT | Biden policy not to blame for global inflation

Admittedly, fiscal and monetary policy isn’t an easy subject to comprehend, but the principle in play here is relatively simple. The government has spent an enormous amount of money it did not have, so it issued debt. That debt was purchased – mainly by the Federal Reserve – which then handed over newly printed dollars in exchange. Those dollars were then distributed throughout our economy. Much of this money was not taken from any specific group of people, nor reallocated from another government program. It was created. The end result was that the dollars in your bank account had become worth significantly less because more money now exists in circulation. As of February, the supply of money had increased by more than 40% over the span of two years.

President Joe Biden, along with congressional Democrats, have pumped an incredible amount of money into our economy, the most notable example of this being the American Rescue Plan, which represents $1.9 trillion of the approximate $5 trillion in government spending under this administration. In four years under President Donald Trump, national debt increased by nearly $8 trillion, nearing what President Barack Obama added to the debt in twice the time in office. Meanwhile, the Federal Reserve failed to recognize the impending inflation crisis, only beginning to raise interest rates in the last few months.

Unfortunately, the policy failures don’t end there. Fortunately, I only have so many words to depress you with.

Blaming inflation upon COVID-19 or Vladimir Putin’s unjustified war is easy, but it ignores the concerning trend of government interference that will continue to destabilize our economy for generations to come. Ignoring the $31 trillion in national debt we have incurred is foolish. Though the election year most certainly clouds the ability for either Democratic or Republican elected officials to look to the not-so-distant past, nothing prevents you from holding them accountable. The lesson we should learn here is not necessarily that one political party is to blame over another (as alluring as that may be), but rather that those we elevate to these offices know little more than we do about the organic nature of our economy. As they flip those switches and turn those knobs, they do so with an incredible scarcity of information, and as such, the actions they take should be with an abundance of caution and under our critical, watchful eye.

Sage Naumann is a conservative commentator and strategist. He is vice president of communications at 76 Group and was previously the spokesman for the Colorado Senate Republicans. Follow him on Twitter @SageNaumann.