Davind Dayeb and Rakeen Mabud sums it up in The American Prospect:
You could read hundreds of stories about this phenomenon, about the stress of longshoremen and supply chain managers and government officials, the consequences for consumers and small businesses and retailers, and superficial attempts at explaining why we got here. Many will tell you that the pandemic changed consumption patterns, favoring physical goods over services as barhopping and travel shut down. Some will blame fiscal-relief programs, large deficits, and loose monetary policies for making inflation worse. Nearly all will frame the matter as a momentary kink in the global logistics leviathan, which is bound to work itself out. Anyway, everyone got their Christmas gifts this year, so maybe it was overblown to begin with.
Almost none of these stories will explain how these shortages and price hikes were also brought to life through bad public policy coupled with decades of corporate greed. We spent a half-century allowing business executives and financiers to take control of our supply chains, enabled by leaders in both parties. They all hailed the transformation, cheering the advances of globalization, the efficient network that would free us from want. Motivated by greed and dismissive of the public interest, they didn’t mention that their invention was supremely ill-equipped to handle inevitable supply bottlenecks. And the pandemic exposed this hidden risk, like a domino bringing down a system primed to topple.