Probably yes although inflation problem is not going to be solved under one party or another, its a problem that needs to implode and gold standard is reintroduced. Even if democrats know they are unelectable and might try to do as much damage to others before they are voted out of kicked out, whoever comes next into WH will be left holding the the biggest ouderless bag of excrement in the world history. And if they don't print more they will be deeply unpopular since people will suffer, and they won't be able to fund new goverment programs to "help" and if they print more they will be unpopular because of nominal price increase in goods and services because of inflation. Damn if they do and damn if they don't.

Eventually there will be crash of epic proportions and reset to gold standard again. Its hard to avoid WWIII in-between that period, but will see.

As I've written in another post.

prices don't go up because of inflation, nominal prices go up because the purchasing power of the dollar goes down. Price of assets and goods and services is not directly linked to inflation. Because not all assets respond to inflation the same way.

When governments can't borrow anymore money since no one can or will borrow them anymore, and they can't tax people since its politically unpopular and there is not enough tax revenue to cover for the spending deficits, than governments resort to desperate attempt to stay in power and that means they "print" more currency, they counterfeit the currency, and put it in circulation. This is called inflation and it is essentially taxation without inflation. Even if you store cash under big old mattress and not in bank, goverment will trough inflation , devalue the purchasing power of that cash and you are for all intended purposes, taxed.

Inflation simply mean more currency in circulation. Although the term inflation can be used for anything we have in abundance in circulation. The more of something there is the less valuable it becomes. As the goverment "print" more currency and put it in circulation, or today they just add more zeros to digital accounts.... the value of single dollar, measured as its purchasing power, decreases and we call that inflation. When that happens, some assets and some services respond by raising prices, since you need more dollars to bus stuff. But not all assets do that. Historically, precious metals like Gold for example was seen as hedge against inflation and so historically when the markets at large start to notice and react to inflation of currency, people looking to preserve wealth convert some of their wealth into physical gold as a way to protect themselves against inflation. So we can't say that prices of everything goes up because of inflation. It depends on the ability of the asset to preserve wealth as the inflation increases and how much of that is recognized by the markets.

Deflation is the opposite of inflation. A way some more responsible or more fearful governments and banks battle inflation is by raising interests rates on borrowing in the private sector. Because if goverment "prints" bunch of currency it needs to somehow put it in circulation. In the case of US goverment that means. Stimulus packages, the infamous infrastructure bill, rewarding more companies with goverment contracts etc. And for everyone else it means banks lower the interests rates so that its more tempting for others to borrow. And the more easier it is to borrow the more everyone needs to borrow because they need to keep up with everyone else who just borrowed money. And so the more people borrow the more the currency is in circulation. And the way to limit the borrowing is to raise interests rates so that is less temping to borrow, thereby limiting the currency in circulation, and hopefully deflating the inflation. But since borrowing and debt and wasteful spending is hallmark of irresponsible and corrupt society, FED or Federal Reserve Bank, a collection of banks working for goverment, can't really raise interest because it would cause everyone to not have the means to continue actually doing something productive in economy and pay the workers and invest in new projects, and if so to avoid economic collapse FED is not raising interest. And if they don't raise interests the inflation will just go exponentially up.

And so we live in biggest debt crises in the history of the world, we live in everything bubble and much of the world is connected to US dollars as world reserve currency. So when the thing crashes it will be global. Right now we are living trough another roaring 20's where Americans are spending like crazy and printing even more. And when it implodes , whole world will go into chaos and I'll be surprised if we don't see WWIII.

By the way, inflation and deflation can happen at the same time in various markets. Example of that is that as people were given more cash during stimulates era of the 2020 and first half of 2021, they could invest in other assess , like stocks and real estate and crypto. Creating overvalued assets class living in a giant bubble of greed and wrong perception.

But as more currency is pumped into circulation because of irresponsible government, the more inflation increases and purchasing power of the currency goes down. In response the nominal prices of goods and services goes up, while the real value remains more or less the same.

In economics, nominal value is measured in terms of money, whereas real value is measured against goods or services. A real value is one which has been adjusted for inflation, enabling comparison of quantities as if the prices of goods had not changed on average.

So as the nominal price of food goes up and heating bill and rant, people have less to spend on overvalued real estate and other financial assets such as stocks of zombie companies and crypo. Than there will be period where inflation means people will prioritize buying stuff they need to keep warm and eat, like food and heating bills, and they will stop paying for overpriced real estate and other financial assets. This means that for a period will see nominal prices of essential stuff going up and nominal prices of non essential stuff going down. Inflation in one sector, and deflation in another.

But as the overall currency circulation increases the whole thing will reach hyperinflation. Modern monetary economists define hyperinflation as any inflation rate above 50 percent per year. In the 1920s, Germany had inflation rates in the thousands of percent.

And when that happens than hyperinflation bubble swallows just about everything and debasing the purchasing power of currency to almost zero, making it unusable and people resort to everything else they can to trade and survive.

@Krunoslav "Because not all assets respond to inflation the same way." When interest rates are raised because of inflation property prices tend to go down relatively because most people can't afford mortgages at the higher interest rates to pay for Homes etc.. Also try tracking the price of gold vs the dow jones 2009 to 2012. There was massive inflation of the dollar but the QE kept the stock markets level VS gold during that period

@drf30 Yes, exactly. For now the Gold prices were artificially low as much as prices of everything else were artificially high. But market that is used to "free money" didn't want it to end, so they lived in the insane world of thinking that free money will last forever and that they don't have to invest in Gold to protect themselves against what coming, because they want to bealive what is coming is not coming, even though it does. Hence not enough investors , invested in Gold as you would expect, but when the market finally accepts the inevitable, everyone will rush into Gold before the whole thing implodes and Gold prices should skyrocket, accordingly.