It is Biden's fault in large part. Biden bought into the Leftist Modern Monetary Theory and has been following it in producing government policy while the Left in his party are using MMT to craft legislation.
https://www.nytimes.com/2022/02/06/business/economy/modern-monetary-theory-stephanie-kelton.html
https://spectator.org/biden-debt-deficit-spending-economic-crisis/
Biden's economic advisers are a bunch who openly advocate for MMT, like ex-Bernie Sanders advisor, Stephanie Kelton.
https://stephaniekelton.com/
These retards are telling Biden--in the simplest terms--that debt doesn't matter when you can print your own money. That is, you can spend while there's checks in the checkbook or your credit cards aren't maxed, and you can always get more checks or raise the debt limit on your card and pay for it all with Monopoly money you print yourself.
Now we're seeing the results of this insane radical Leftist economic policy. Sure, once things crash and burn the Leftists who caused this disaster will walk away convinced that something other than their own retarded thinking caused things to crash.
If you have a scintilla of intelligence, you'll vote against these Leftists by not electing a single Democrat to any office because if you do vote for them, you are part of the problem.