The least bad option would be to raise taxes. If the problem is too much money, directly removing the money from the system is the solution. Taxes can be precisely targeted and work quickly. Call it a "windfall tax" for political cover, but given that it would have to be large to be effective, it would be more than that. The Inflation Reduction Act was a good start, but it only raised taxes by $700B.
The next least bad option would be to reduce spending. It'd be slower to act, can't be targeted as easily as increased taxes and there's no possible way to reduce spending by the trillions necessary to have an effect on inflation.
The next least bad option would be to reduce spending. It'd be slower to act, can't be targeted as easily as increased taxes and there's no possible way to reduce spending by the trillions necessary to have an effect on inflation.