Biden Scrambles To Fix Inflation Problems He Helped Create
View Source | August 1, 2022 11:53 am
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- President Biden says tackling surging inflation is his top priority, but economists have blamed rising prices on his giant COVID-19 stimulus package.
- Biden declared his administration’s top priority was “getting price increases under control” earlier this month after the Department of Labor reported that inflation soared 9.1% over the last 12 months.
- In March 2021, Democrats passed the $1.9 trillion American Rescue Plan (ARP) that sent checks worth $1,400 to most Americans and increased the child tax credit to between $3,000-3,600 per child.
- “The ARP was a major factor in driving inflation,” says Michael Strain, an economist and the American Enterprise Institute’s director of economic policy studies.
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