Suggested effective remedies to counter the current price inflation in Western countries

For about two decades most Western governments made two huge mistakes largely causing the current price inflation:

1. Most central banks maintained ultra low short term interest rates
2. Many governments spent lavishly taxpayers money and accumulated enormous amounts government debt due to e.g. low long term interest rates

What is needed now? Government downsizing and frugality!

1. Massive reduction in government spending. 
2. Finally, balanced budgets again
3. Massive lowering of all major taxes across the board to relieve the public and businesses

Yes, these measures will likely contribute to an economic recession. However, the recession will very likely be shallower and shorter than otherwise.

When do we finally learn the lessons of history! Why are so many politicians so utterly incompetent when it comes to economics and why do voters not care!