Biden's To Blame For US Inflation
Date
8/2/2024 12:11:30 AM
(MENAFN- Asia Times)
A jump in federal transfer payments, that is, cash outlays to individuals, unleashed the inflation of the 2020s.
The trump administration provided emergency subsidies to individuals during the COVID-19 collapse of 2020, but the incoming Biden administration doubled down on subsidies, even after the Economy was in full recovery.
Graphic: Asia Times
In 2022 (“Supply-side inflation and its cures”) I showed that fiscal largesse, not monetary ease, drove the inflation of the past several years. Fast forward to 2024, the Biden administration's fiscal policy continues to drive inflation and the hangover probably will last through 2025.
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