President Biden continues to deny his $1.9 trillion pandemic-relief package led to record inflation.
Biden told the AP Thursday “You could argue whether [the American Rescue Plan] had a marginal, minor impact on inflation.”
“I don’t think it did,” he continued. “and most economists do not think it did. But the idea that caused inflation is bizarre.”
Per NRO “Biden’s comments stand in stark contrast to a speech he gave in November 2021, when he acknowledged that the “checks for $1400” the government distributed to Americans, in addition to many other relief provisions, could pump up inflation.
At that time, he seemed to grasp the economic concept of “more money chasing fewer goods,” the dynamic that drives inflation. Since the pandemic erupted, many supply chains have been disrupted and markets have been out of balance.”
A May survey from Trafalgar found the majority blame Biden for inflation.
“59.9% of respondents blamed Biden’s policies and spending for inflation, compared to 31.6% who blamed the war between Russia and Ukraine and 8.5% who were unsure.”