In a Fox News interview, former President Donald Trump acknowledged the resurgence of inflation but attributed the blame to the Biden administration’s spending. Consumer prices rose significantly last month, driven by fuel and egg costs, marking the largest increase since August 2023. While Trump cannot be held accountable for most of the recent data, economists debate the causes of inflation during Biden’s presidency. Initially rising throughout 2021, inflation peaked in June 2022 before declining. Trump criticized Biden’s policies, particularly the “Green New Scam,” although no such bill passed. Biden’s infrastructure and Covid relief bills added to the deficit, but the Inflation Reduction Act saved money through tax enforcement. Some economists, including Ben Bernanke, partially blame excessive spending for economic overheating. Other factors cited include supply chain disruptions, the war in Ukraine, and increased production costs. The International Monetary Fund attributes inflation to supply and demand dynamics rather than federal spending. Current inflation drivers include bird flu impacting egg prices and sanctions affecting fuel costs. Trump’s tariffs may exacerbate inflation by increasing consumer costs, potentially offsetting savings from proposed spending cuts and tax reductions. Thus, while Biden’s policies may have contributed to inflation, it remains a challenge for Trump, with his economic strategies possibly worsening the situation. — news from CNN
