The Associated Press fact-checked the president’s claims as well as his GOP critics’ complaints.
Facing political attacks over rising costs, fact-checkers determine President Joe Biden exaggerated his role in reducing the federal deficit and skirted responsibility by asserting that a flood of government spending into the economy has no impact at all on higher prices.
Biden last year signed a $1.9 trillion coronavirus relief package known as the American Rescue Plan — and many economists say that caused inflation to run higher than it otherwise would. There are multiple sources for inflation including global supply chain issues, the pandemic, stimulus from the Federal Reserve and, now, the Russian war in Ukraine.
Republicans now are casting rising consumer prices as a direct and only result of “Bidenflation.” That’s incorrect. But Biden is wrong to say that government spending has had nothing to do with it.SENATE REPUBLICAN LEADER MITCH MCCONNELL: The price of oil is set on the world market. Even the leading producers — the United States, Saudi Arabia and Russia — don’t get to set the price, although they might try by adjusting production up or down, a process that takes time even when it works. U.S. production dropped sharply in 2020, but it wasn’t because of anything that then-President Donald Trump did; it was because the pandemic crushed demand, causing producers to idle some of their wells rather than sell their oil too cheaply. U.S.
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