Neither political party would let this happen while they are in power because it would be a guaranteed loss during elections

The Fed decides this, it's the whole point of the Federal Reserve being independent from the political parties. They will do the right thing because a slow boil is better than a whole bunch of people starving and having a civil war.

Look at Russia. Nabullina was handed a complete shit sandwich deluxe with the war, but she did the economically right thing with the cards dealt, raised interests to 20%, forced businesses to trade in rubles, freeze equity/bond trading, cut regulation on banks, etc.

And the Russian economy which should have been in shambles like Irans because of sanctions is still kicking after soon 5 years of war.

Sure it's not really prospering and growing, but it's a graceful decay rather than a collapse and internal war like in Venezuela.

Is it the administration or the reps or senators who socialise the losses, vs take the blame?