From CNBC: 2024-07-03 09:54:13

President Joe Biden and former President Donald Trump clash in the first presidential debate of the 2024 campaign in Atlanta on June 27. Trump blames Biden for high inflation, while Biden claims Trump decimated the economy. Economists say global events, Fed actions, pandemic relief bills, and “greedflation” all contributed to inflation spikes.

Neither Biden nor Trump are solely responsible for high inflation, say economists. Supply chain disruptions, labor shortages, and changes in consumer spending patterns due to the pandemic all played a role. The Russian war in Ukraine further heightened inflation by impacting commodity prices like oil and food, economists note.

Economists point out that both Biden and Trump authorized large government spending packages during the pandemic, such as the American Rescue Plan and stimulus packages. While these measures had positive impacts on the economy, they also led to higher inflation by oversupplying consumers with money. The Federal Reserve’s delayed reactions to inflation also worsened the situation, as did the concept of “greedflation.”

Read more: Is inflation Biden’s or Trump’s fault? The answer isn’t so simple