This week’s issue of The Economist tells us that Biden is more responsible for America’s inflation than for our record low levels of unemployment. Is that true?
Three observations are pertinent here. First, most of the pandemic relief bill was designed to alleviate misery, not provide a “stimulus.” It worked admirably. Second, the portion of it that was labeled “stimulus” was supported by Trump. Third, it is difficult to take The Economist’s complaints about inflation seriously when it just announced another enormous price increase–one that cannot be justified on the basis of rising production costs. This is exactly the kind of corporate pricing strategy, based on arguments about premium products and directed at the relatively wealthy, that is driving American inflation today.
Physician, heal thyself.