One of the more frustrating things I've seen, heard, and read through the current campaign season is how many voters blame Harris and Democrats for the current high cost of living and effects of inflation.
Sure, we've been in an inflationary cycle as a result of and following the pandemic. The Fed largely has addressed through interest rates leading us hopefully to a soft landing, albeit at the expense of wage earners with limited impact on the investment class. How any of that falls at the feet of the current administration baffles me. Neither the original Trump administration nor the current Biden administration can be faulted for the inflationary effect of global supply chain issues from the pandemic.
“In my view, neither Trump nor Biden is to blame for the high inflation,” “The blame goes to the pandemic and the Russian war in Ukraine.” Mark Zandi, chief economist at Moody’s Analytics.
“We only have to look at the still high inflation rates in most other advanced economies to see that most of this inflation period was really about global trends ... rather than about the specific policy actions of any given government (though they did of course play some role),” Stephen Brown, deputy chief North America economist at Capital Economics.
A Pew Research Center analysis of data from 44 advanced economies finds that, in nearly all of them, consumer prices have risen substantially since pre-pandemic times.
https://www.pewresearch.org/short-reads/2022/06/15/in-the-u-s-and-around-the-world-inflation-is-high-and-getting-higher/
Both administrations approved and Congress enacted stimulus legislation, as well as tariffs from both that have had inflationary effects. However, even with all of that spending the US's inflation rate is basically in the middle of the pack with the rest of the developed world.
But Trump will solve inflation. OK.