Inflation didn't just happen on Biden's watch. His budget-busting American Rescue Plan—which dumped a bunch of monopoly money on an already recovering post-pandemic economy—predictably sent prices through the roof.

At the time, "neoliberal" economists who'd held prominent positions in previous Democratic administrations, but had been largely replaced by the New Progressive types Prokop profiles, publicly warned that the ARP was too big and would generate lots of inflation.

The New Progressives shrugged off these criticisms as reactionary snipping from careerists steaming over their loss of power and influence.

But neoliberals turned out to be right. Progressive dismissals of their warnings ended up endangering their entire political project.