I would like to hear the reasons why some blame the post-COVID hyper inflation on Biden.
The reasons I've given on why I believe it is Trump's fault...
1. When Trump imposed tariffs on China that began May 2019, we all said that it would lead to higher prices. This is well explained by TaxFoundation.org...
Their study found that these tariffs reduced our GDP, wages, and employment.
There were several rounds of tariffs. The first began on May 2019 and the last began September 2019.
Biden continued the tariffs so he's not blameless, but this was a factor that helped it to begin.
2. Shortly after the tariffs began, though, is when COVID started. We were already starting to see inflation begin, going from 1.5% before the tariffs to 2.5% after... but then the economy crashed when the world shut down.
You can see that inflation began to pick up in May 2020, though, and continued until it peaked in June 2022.
You also see that every first world nation had this same spike in inflation, but we recovered faster than any of them.
I blame COVID in the US on Trump's refusal to act. The WHO had a conference with all nation leaders on January 1, 2020, to create a strategy to deal with COVID... Trump did not attend. He continued to tell everyone that it was a political trick and would "miraculously" disappear, leading people to ignore it and take no precautions. Which, of course, is why the US had such a high death rate from COVID as compared to the rest of the world.
3. The Fed blamed the hyper inflation on...
* the disruption of the global supply chain during COVID
* Russia's invasion of Ukraine
* Trump's tariff war against China
* a "more than two-year pause in legal immigration" that "contributed to labor shortages." This was also the cause for an increase in housing costs.
The increased cost of home construction led to the skyrocketing home values, which in turn led to higher inflation.
So there you have it, my three reasons why I believe that the hyper inflation that we saw is Trump's fault. And although I'm not a fan of Biden, I have to credit him with the fact that his policies helped us to recover from it faster than any other first world nation... and for the last year, wage growth has far outpaced inflation.
Now it's your turn... why do you blame Biden for the hyper inflation?
