Biden’s Stagflation

May 1, 2022

Biden inherited a robust recovery and turned it into stagflation.

The Personal Consumption Expenditures Index (PCE), the Fed’s preferred measure of inflation, spiked 6.6% from a year ago, the fastest pace since 1982. And while inflation surged at a historic rate, the economy SHRANK 1.4% last quarter.

Astonishingly, Biden is still insisting the economy is working for American families and that he deserves the credit. Well, on that he’s right about one thing. For surging prices and a shrinking economy, he does deserve the credit because his policies made it happen.

Tommy Pigott, RNC Communications and Research

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