...by the judiciary and regulators only so far as the (imperfect) legislation of the day allows.
You are forgetting the unelected central bankers who knowing refer to inflation as "transitory" when they know, and we know, it isn't.
You are forgetting the guys who decide to print 40% more US Dollars in 18 months without giving the electorate an opportunity to weigh in on this drastic decision.
These central bankers are the so-called "evil bankers" -- the Wall St types just want to make money and while that might be greedy, at least they're honest about it.
This is not true, that bankers refer to inflation as something "transitory" as you put it. Maybe they talk like that about current inflation rates but certainly not about inflation itself.
This is a very serious discussion.
On a side note, where is that "democratic mandate" of which you speak? Been looking for a while and can't seem to find it.