After spending most of 2021 insisting that factors driving prices up across all commercial goods were “transitory,” Biden and top Administration officials have spent recent months urging the President’s big-spending plans to lower costs for the public.
Wages have increased nominally across the President’s first 15 months in office, something the President has claimed could be alleviated by passing his massive, costly social safety net proposals, but they have failed to keep pace with the soaring prices. The latest Consumer Price Index data saw prices jump 8.3% annually in April, compared to just a 0.3% rise in hourly wages.
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The White House and Biden himself pivoted in February to blaming inflation on Russia’s war in Ukraine, referring to historic highs in the cost of gasoline and food as “Putin’s price hike.” Sanctions placed on Russia did cause oil, natural gas, and food prices to jump across the globe, but core inflation, which factors out energy and food prices, rose 0.6% in the United States in the last month alone.
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Similarly, while prices are currently a problem for the entire intentional community, U.S. core inflation is rising at a higher rate than in other countries and has been since mid-2021, and a growing number of economists and private-sector figures place the blame squarely on Biden’s first stimulus package, the $1.9 trillion American Rescue Plan.
“I think we can say with certainty that we would have less inflation and fewer problems that we need to solve right now if the American Rescue Plan had been optimally sized,” Wendy Edelberg, a senior economics fellow at the liberal Brookings Institution, said in a statement.
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The Committee for a Responsible Federal Budget’s Marc Goldwein thinks the legislation put “gasoline on the fire.”
“That’s basically what the ARP did,” he added. “It was almost written as if we didn’t just pass a trillion-dollar stimulus in December.”
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The San Francisco Federal Reserve branch found in March that Biden’s American Rescue Plan, passed just three months after the Trump Administration’s final tranche of $3 trillion in stimulus spending, directly resulted in a 3% inflation spike.
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It’s worth mentioning that economic experts do think that Biden’s stimulus helped the U.S. recover from the pandemic significantly faster than the global economy, which is exacerbating the negative commercial fallout.
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“I think we would have had a slower recovery. We would’ve had more suffering along the way,” former Chairman of the Council of Economic Advisers Jason Furman told Vox. “But pretty much everyone, including countries that did basically nothing, has recovered, and the side effects in the U.S. have been quite problematic.”
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