Even Worse: Economy Shrank 1.6% as Inflation Battered Consumers in First Quarter
BreitbartAUG 2022
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Biden's $1.9T American Rescue Plan was like pouring gasoline on the inflationary fire. Had it been optimally sized, we would have fewer problems and less inflation. When the Fed raises interest rates to cool down the economy, there's a risk that demand and investment go down, which could leave Biden with a painful recession on his hands.
It's a bizarre argument that the Biden administration's American Rescue Plan is to blame for the 40-year high inflation rate. The US is in a better economic position than many other countries to overcome the current bout of inflation, which is being driven by global factors well beyond the control of the US president.