Originally Posted by vtec to vvel

You're right, however, statistics show that for every $17 is spent, $15 of this is on credit. This is unfortunately the norm even before the pandemic.

Spending does need to slow down, but the bigger pressing issue is keeping the supply chain functional, not to decrease production in an already supply-stricken environment by raising rates. Spending going down and supply going up would theoretically lower inflation. However, at the current rate, it looks like supply AND demand are both being wiped out, and with inflation to stick around.