and yet the FACT is that inflation was low the entire

Posted on: September 28, 2023 at 10:18:58 CT

time Trump was in office.

It was 1.4% in January 2021.
In 2019 the annual inflation rate was 1.8%
In 2018 the annual inflation rate was 2.4%
In 2017 the annual inflation rate was 2.1%

Biden was warned that ARP would cause uncontrolled inflation and it did

President Obama’s own economic advisor Larry Summers warned that the American Rescue Plan would trigger inflation.

Dr. Douglas Holtz-Eakin, President of the American Action Forum, stated “the American Rescue Plan – 1.9 trillion dollars in stimulus – was enacted in March of 2021 at a time when the U.S. economy was growing at 6.5 percent. It was plain in the data, things like GDPNow at the Atlanta Fed showed that....It [the ARP] was just much too big, and destined to cause macroeconomic disruptions.”

He further stated: “History has given us examples just like the American Rescue Plan. In 1951, the U.S. economy was growing at 10.5 percent – quite rapid growth. Federal spending was increased by about 50 percent – that’s roughly the American Rescue Plan – two trillion on a four trillion base. Inflation jumped by six percentage points that year.”