[El Cid]

No. 2 We still need to raise rates to fight inflation.

Unless we cut spending - a lot - it will take more than raising interest rates. Do we raise the rates to 20%?
I think we are beyond the Pale. The Fed can't raise the interest rates more than a tiny amount - because our debt becomes even more unmanageable. I know the published inflation rates are cooked (ignoring energy, food, and anything that matters) and they don't project the real numbers...
I don't know the fix. Yes, the interest rates 'should' be raised, but they can't raise it too much. And, of course, since the Fed wants Biden to be re-elected they'll probably cut the rates - and publish new phony inflation numbers to give them a fig leaf cover. Even if President Trump wins the Presidential election (he'd win an honest election - but that ship has long sailed), I don't know how he fixes it. We've gotten away with the Dollar being the World's currency, but if that changes (with BRICs, or some other exchange medium) - its Weimar Republic time.

[Theoria]

Yes, we are too far gone without massive cuts to entitlements and government spending. The addiction to artificial low interest rates has destroyed the entire system. We need bond vigilantes back trying to hold spending in check. Instead, we have the Fed backstopping and holding up the system without allowing for market corrections. There is no free market.

A free market would help to contain this largess, we don't have that. If Trump wins, we will have the continuation of massive government spending and 'lower' interest rates which will create even more debt. There is no going back, the past has destroyed the future.