Commentary With inflation now advancing at a 7 percent pace and producer prices sprinting ahead even faster—at 10 percent over this time last year—consumers are getting squeezed. On average, the purchasing power of paychecks shrank last year by more than 2 percent when accounting for the higher prices. That’s the opposite of prosperity and this inflation tax is hurting the poor and seniors the most. What to do? The solution is obvious: Washington has to stop spending and borrowing trillions of dollars we don’t have and the Federal Reserve Board must raise interest rates to drain excess money out of the economy. The Biden administration must act now before the price increases deteriorate into runaway inflation—as we saw in the Nixon-Ford-Carter era of the 1970s. But that isn’t what President Joe Biden wants to do. He keeps pushing his $5 trillion Build Back Better bill, which would ignite more inflation. He …