alt Hacker NewsHow much of inflation during Biden years was from Trump? For instance, Trump agreements to restrict oil production after covid lasted deep into Biden's term. The US still did better on inflation than most comparable peers in the aftermath of covid.
Replies
A big part of it was like $5T in covid stimulus, most of which happened under Trump. Biden piled some more on, probably unnecessarily. It felt like we were balancing on a razor's edge and maybe starting to come out of it by the end of 2024. A lot of inflationary policies since then.
Biden's ARP independently caused inflation according to multiple central bank analyses.
However, you are also correct that Trump pressuring OPEC to cut oil production at the end of his first term did cause additional inflation in Biden's term.
We let Trump print $4T in an election year and Biden print $2T in four years. Trump was going 40mph in the parking lot, Biden slowed down to 5mph, and while there is a legitimate discussion to be had about whether or not the latter was too fast when someone is spazzing out about the 5mph and ignoring the 40mph, it's because they have an agenda.
All of it. lol
The inflation was obviously mostly due to Covid and the invasion of Ukraine. Gas prices reached their highest points in 2022.
https://www.gasbuddy.com/charts