CNN’s Rampell: Inflation Is ‘Not Biden’s Fault’

‘Biden has relatively little that he can do about it’

EXCERPT:

RAMPELL: "So, I will say the thing that I always say when asked about whether presidents are properly credited for economic conditions. Presidents get too much credit when the economy is good and too much blame when the economy is bad, or too much blame for parts of the economy are bad or parts of the economy that are good. And that's the situation right now. Inflation is up not because of any particular thing that the President did. It's because there are all of these supply chain disruptions throughout the world caused by the pandemic. Demand is up. That is partly driven by some fiscal policy decisions that Congress and this president and the previous president made, giving people more stimulus checks and things like that. But it is also that people had a lot of savings from last year. They have money in the bank. That money is burning a hole in their pocket, so to speak. They want to spend it and they are trying to buy more stuff even than they were pre-pandemic, they are shifting more of their spending to goods, at the same time that goods are difficult to get through the supply chain. All of that is driving inflation up. And that is happening worldwide to some extent. It's not Biden’s fault. And to the same idea, Biden has relatively little that he can do about it.”

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