“Inflation is Biden's fault. He spent too much!”

What You Say

Inflation was global — not Biden-specific. The EU, UK, and Canada saw similar spikes driven by pandemic supply chains, energy shocks from Russia's invasion of Ukraine, and corporate pricing power. The American Rescue Plan contributed marginally, but the CBO and Fed attributed most inflation to supply constraints and energy. Inflation fell from a 9.1% peak to under 3% without a recession. Blaming one president for a worldwide phenomenon is politics, not economics.