The article discusses the impact of inflation on the US economy, particularly during the terms of Donald Trump and Joe Biden. It highlights the stimulus packages passed by Congress and their contribution to inflation. It also compares the levels of inflation during both presidencies and their effects on the economy.
Start with inflation. To insulate Americans from economic fallout from the pandemic and work shutdowns, Congress passed two big stimulus packages in 2020 (when Donald Trump was president). Then in 2021 (when Joe Biden was) Congress passed another one. In retrospect this was bigger than it needed to be, and contributed to inflation soaring even higher in 2022—though also to America’s strong economic recovery.
Other rich countries also saw inflation soar, and theduring 2023 was great news for America and for the rest of the world economy. If we were giving credit to how quickly inflation came down, that would be a point for Mr Biden. But given the elevated levels throughout his term, Mr Trump wins this one. The headlines, after all, are about Bidenflation, not Trumpflation.Mr Trump inherited an economy that, contrary to his rhetoric, was already doing well. The economy chugged along during his presidency—until covid-19 hit. But he cannot take credit for the apparent surge in average wages towards the end of his presidenc
Inflation US Economy Stimulus Packages Donald Trump Joe Biden
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