The Democrats lost their dominant position in American politics during the 1970s as they presided over what some economists once thought impossible: an unsavory combination of rampant inflation and high unemployment known as stagflation. This time, inflation is coming with labor shortages. Biden and his team don’t agree with the economic analysis that suggests their spending plans will make the existing pocketbook problems in the country worse. They particularly believe infrastructure improvements, such as helping modernize the ports, will help relieve some supply chain bottlenecks.

“This bipartisan infrastructure bill is a major step forward. It represents the biggest investment in ports in American history,” the president said in Baltimore. “And for American families, it means products moving faster and less expensively from factory floor, through the supply chain, to your home.”

To be sure, there are some well-credentialed economists who agree. But even if some investments are potentially worthwhile, that doesn’t mean everyday Americans will quickly see the benefits. The funding for infrastructure will take months if not years to improve the movement of goods and people. Meanwhile, the effect of inflation from the cash already being spent on these projects will be felt immediately.