Republished with full copyright permissions from The San Francisco Press.

In November 1932, Franklin D. Roosevelt emerged victorious in the presidential race, defeating Herbert Hoover against the backdrop of the Great Depression. With the nation facing immense hardships, the urgency for change motivated voters like never before.

Roosevelt wasted no time and, within his first “hundred days,” proposed and successfully implemented a comprehensive program of economic relief and reform known as the New Deal. While some of its components faced initial challenges from the Supreme Court, the New Deal managed to provide some respite during the initial years. However, by 1936, the Great Depression was far from resolved.

Franklin Roosevelt’s landslide reelection victory in 1936 paved the way for him to decisively put an end to the Great Depression, guide the United States through World War II, and secure his place in history as one of America’s greatest presidents. It was a reminder that significant changes take time and dedication.

Today, the battle against inflation is not on a scale comparable to the Great Depression or the dot-com bubble. Despite the current ubiquity of inflation in public discourse, it is unlikely to be etched into popular culture or remembered outside the realm of economists and policy experts in the decades to come.

Nevertheless, it would be remiss to discount the impact of inflation on those who have struggled to make ends meet. But perhaps more notable is the fact that Republican members of Congress publicly raise the issue of inflation, on average, approximately 77 times every single day. This remarkable frequency of concern may reflect their lack of more substantial issues to address, rather than directly criticizing monetary policy.

The Federal Reserve, entrusted with controlling inflation, possesses a single tool in its arsenal – interest rate hikes. When inflation surpassed the Fed’s 2% target, it applied this tool diligently by raising interest rates. Though a delicate balancing act was required to avoid plunging the economy into a severe recession, the data thus far indicates that the Fed’s campaign is yielding positive results. While inflation has persisted for longer than ideal, viewing it in the context of historical economic shifts reveals the significant accomplishments the Fed has achieved within a relatively short period.

The most recent Consumer Price Index, released in November, indicated a month-over-month flat trend in prices – a better outcome than the modest 0.1% increase predicted by economists. The stock market responded eagerly, surging as Wall Street bet on the end of rate hikes. The S&P 500 experienced its most substantial positive movement since April.

As a cautious Federal Reserve Chair Jerome Powell has refrained from providing specific details on future rate hikes, the market’s reaction speaks volumes – this may well be the end of the cycle. Interest rates are expected to remain high for a significant period to suppress inflation all the way down to the Fed’s 2% target. However, with consistent progress moving in the right direction, it is unlikely that inflation will dominate discussions in the next November, or even the months leading up to the presidential election.

Some Republican lawmakers seem to be recognizing that highlighting inflation and attributing it to President Joe Biden may not be the most effective strategy. It proved unsuccessful in the midterms. Moreover, by the time of the next presidential election, mentioning inflation might even be seen as a highlighting of achievements rather than a criticism.

It is true that today’s American society often lacks the patience demonstrated by Americans in the 1930s. But in the case of inflation, it seems we may not need convincing to stay the course this time. While FDR requested the patience to finish the job during the Great Depression, this task will be completed and fade into the background by the next election.

In the meantime, the Federal Reserve will quietly and competently continue its work. Their efforts may not receive widespread celebration or a parade, but when inflation is finally curbed, these diligent individuals at the Federal Reserve will know the impact they have made and truly deserve the title of “public servants.”