Is Inflation Really Biden’s Fault?
by Jeffrey Rubin, PhD
Welcome to From Insults to Respect. Today, we discuss Donald Trump and his supporters taking cheap shots seeking to blame President Biden for inflation. They are doing this despite the overwhelming evidence that countries around the world, regardless of whether they are led by very conservative or liberal governments, have been experiencing inflation. 
Moreover, it is factually undeniable that the annual inflation rates for dozens and dozens of goods routinely purchased by American households – including food – were already at their highest levels before Biden entered the White House in 2021.
Two reasons for those spikes in prices have to do with the COVID-19 relief spending enacted under Trump’s administration with overwhelming Republican support, and so many people becoming sick from the virus, thereby leading to an inability to obtain sufficient supplies and services. Such shortages, as any economist will be eager to explain, lead to increases in costs. Suppliers, unable to get all of their usual amount of goods to customers, can’t sell as much of those items so they raise prices to make up for the resulting losses, while consumers, struggling to obtain these supplies as well as needed services, are forced to pay more rather than to do without.
Another driver of inflation began in February, 2022 when Russia invaded Ukraine. This created uncertainty in oil and gas markets, leading to spikes in prices, as well as disruptions to food supplies, especially stocks of wheat. These events occurred against a backdrop of record heat waves, floods, and other weather events caused by climate change which exacerbated food shortages in many parts of the world.
In seeking to blame Biden, Trump supporters ignore that it was Trump who appointed Jerome Powell to head the Federal Reserve. Congress approved Powell for the position because of his excellent credentials, and he continues his term under President Biden.
If I was a news reporter, every time I heard Trump or a Trump supporting congressional leader blame Biden for inflation, I would look them in the eye and ask, “Do you really think inflation is Biden’s fault?” Oh, I have no doubt that in reply, they will point at one policy or another that may or may not have had some tiny effects on inflation, just as Democrats can similarly do when pointing to policies supported by Trump and his administration.Some people will enjoy reading this blog by beginning with the first post and then moving forward to the next more recent one; then to the next one; and so on. This permits readers to catch up on some ideas that were presented earlier and to move through all of the ideas in a systematic fashion to develop their emotional intelligence. To begin at the very first post you can click HERE.
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