The current economic situation has been exacerbated by the Biden administration, but the whole problem began in 2020.
The whole world, or nearly all its productive parts, adopted more or less extreme lockdown measures and financial imprudence.
The fallout from that prompted, in many countries, even more financial imprudence. And more and more stupid measures to “correct” the previous errors, all of which will lead to even more reactive errors. Its a death spiral.
The vast majority of countries that do any economic planning at all tune their planning to what the US and China do (or don’t do).
Trump left the US on a path of steady and strong growth with low inflation. Others figured that into their supply chain expectations.
Then Biden announced even before taking office, that his administration would strangle fossil fuel, which would immediately strangle the transportation sector of the supply chain. And it would make it more difficult for the poor to drive to where the jobs are.
Then with private money, and public money from the Covid era already chasing limited supply, Biden vastly increased the expectation of big money chasing the limited supply.
What could possibly go wrong?