Trump versus Biden -- which of them is responsible for the inflation?
Economist Stephen Moore recently posted this chart to Twitter. Here is the hyperlink thereto:
Joe Biden is the Inflation King.— Stephen Moore (@StephenMoore) October 17, 2022
Pass it on. pic.twitter.com/rhDjz66CE5
As can be seen from the tweet that is hyperlinked above, Stephen Moore seems to think that Joe Biden is primarily responsible for the current inflation rate. Is that so? Well, IIT recalls that, in the spring of 2020, President Trump and a Democratically-controlled Congress jointly approved Covid-19 relief that amounted to about three trillion dollars, nearly all of which took the form of freshly-printed dollars supplied through the generosity of the Federal Reserve Bank. Hence, both Presidents, and, indeed, both political parties, probably bear considerable responsibility for the current inflation rate.
Furthermore, IIT does not understand why Stephen Moore's tweet was so well-liked on Twitter.
If you disagree with IIT's assessment, please leave a comment below. Thanks!
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